Australia's Centuria Industrial REIT slips; Macquarie marginally lifts PT

Centuria Industrial Reit

14/09/2023 06:36

** Shares of Australia's Centuria Industrial REIT  CIP.AX 
down 0.2% at A$3.06 
    ** Analysts at Macquarie raise price target on CIP to A$3.41
per share from A$3.40 
    ** The developer on Wednesday said it would divests two
assets in Melbourne in a deal valued at A$70 mln ($45.08 mln)
    ** Macquarie estimates the divestments will reduce gearing
by 1.2 ppts from 33.1% as at Jun-23 to 31.9%, which is towards
the bottom-end of the group's target range
    ** Brokerage forecasts FY24 funds from operations of 17.2
cents per share
    ** Maintains "outperform" on stock
    ** Five of 11 analysts rate the stock "buy" or higher, three
"hold" and two "sell"; their median PT is A$3.50 – LSEG data
    ** CIP stock down 1.9% this year, as of last close 

    ($1 = 1.5528 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))