SINGAPORE (Nov 30): CIMB is maintaining its “add” call on Perennial Real Estate with a target price of $1.11 after it increased its stake in Chinatown Point to make it its largest owner.
In a Monday flash note, lead analyst Lock Mun Yee notes that the new 40% stake in Chinatown point will raise Perennial’s stake to 45.15%.
To recap, Perennial and SPH Holdings jointly acquired a 60% stake of Chinatown Point for $92.6 million on Monday, with SPH taking 20% and Perennial taking 40%. Chinatown Point has 208,798 sf retail podium and 4,230 sf of strata office space, with a committed occupancy of 97% and strong shopper traffic of 2.4 million per month.
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