SINGAPORE (Sept 9): Whether Accordia Golf Trust (AGT) could earn a re-rating may depend on whether its accretive acquisitions materialise as planned, says CIMB Research in a Thursday report.

The business trust, comprising Japanese golf courses as assets, is currently targeting JPY 50 billion ($662 billion) worth of golf course acquisitions from its sponsor by end-March next year. The sponsor, Accordia Golf Co, is a Japanese golf course management company with a portfolio of some 26 courses available for acquisition.

Analyst William Tng notes that the trust’s loan-to-valuation (LTV) ratio currently stands at 28.8% as compared to its maximum ratio of 60%.

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