Investa Office Fund Remains in Play; FVE Raised to AUD 4.40
A shortage in high-quality office space in Sydney and North Sydney has been driving up effective rents and is working in favour of narrow-moat-rated Investa Office Fund. Face rents, which exclude tenant incentives, were up 13.2% in Sydney over the six months to Dec. 31, 2016, and are behind the firm’s upgraded fiscal 2017 guidance for funds from operations, or FFO, to AUD 29.5 cents per security, from AUD 29.0 CPS previously. Similarly, distribution guidance was upgraded 1% to AUD 20.2 CPS. Inve...Investa Office is a real estate investment trust formed by the stapling of the units in two Australian registered schemes, Armstrong Jones Office Fund and Prime Credit Property Trust. The principal activity of Co. is to own investment grade office buildings, generating rental and other property income. These properties are either owned directly or indirectly through the ownership of interests in unlisted entities.
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