Link REIT: Another Successful Disposal, but Does the Market Take This for Granted Now?
Link REIT disposed of a portfolio of assets to a real estate fund for HKD 12 billion. The disposal price was more than 30% above the book value, which was based on the latest valuation in September 2018. The disposal price exceeded our expectations. To account for the impact of the disposal, we lower our earnings estimate slightly for fiscal 2020 and beyond, owing to the loss of rental income. We assume a small portion of the proceeds will be deployed for unit buyback, with the remaining availab...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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