Shortage in Sydney Office Supply Will Be Transitory. Investa’s AUD 4.40 FVE Unchanged
Our AUD 4.40 fair value estimate for narrow-moat-rated Investa Office Fund and forecasts are unchanged. They include strong rental growth for the leases scheduled to be renegotiated in Sydney in fiscal 2019 and fiscal 2020, representing 15% and 3%, respectively, of the rental roll. For fiscal 2021 and beyond, a wave of office towers under construction will be delivered to the Sydney and Melbourne markets. This will weigh on free cashflow for Investa and other landlords, due to the need to pay hi...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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