Unit Price for Link REIT Capped in a Rising Interest Rate Environment
Ahead of the end of fiscal 2017, Link REIT completed the latest batch of asset disposal, consisting of five assets totaling HKD 3.6 billion, a premium of 29% over the valuation at the end of interim period. Capital recycling has been a key growth driver for the company, along with organic rental growth through AEI. However, distribution growth going forward may be tempered by the higher interest rate’s impact on unit price. We maintain our fair value estimate of HKD 51 and the company’s narrow m...Link Real Estate Investment Trust is a collective investment scheme constituted as a unit trust that invests primarily in retail and carpark operations.
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