UOB Kay Hian has started “buy” on Keppel Pacific Oak US REIT (KORE) with a target price of US$1.10 ($1.49), implying a 47.7% upside to the 74.5 US cents at market close on Aug 23.
KORE has a diversified portfolio comprising office real estate in growth cities in the US. It owns 15 freehold office buildings and business campuses in nine markets namely Seattle – Bellevue/Redmond, Austin, Denver, Nashville, Houston, Dallas, Orlando, Sacramento and Atlanta.
To date, KORE has five properties in three Super Sun Belt cities namely Atlanta, Dallas and Houston, which accounted for 19.0% of assets under management (AUM). The REIT also owns six properties in four 18-hour cities, Seattle, Austin, Denver and Nashville, which accounted for 71.4% of AUM.
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