Citi upbeat on Australia's Charter Hall after $853 million property partnership
BUZZ-Citi upbeat on Australia's Charter Hall after $853 million property partnership ** Citi says Charter Hall Group's CHC.AX new partnership with Tokyo Tatemono 8804.T and UBS Asset Management highlights strong demand for Australian real estate
** Property investment firm on Wednesday disclosed details of the A$1.2 billion ($853.08 million) partnership to develop a portfolio of assets across Australia's east coast
** Brokerage says agreement supports further FUM growth and fee income opportunities for co
** Adds Citi sees CHC to remain a beneficiary of institutional capital inflow into Australia despite tight conditions
** Brokerage rates stock "buy", price target at A$22
** Six of 10 analysts rate the stock "buy" or higher, three "hold" and one "sell"; their median PT is A$22.80 - LSEG data
** CHC down 25.2% YTD, as of last close
($1 = 1.4067 Australian dollars)
(Reporting by Subhalakshmi Dey in Bengaluru)
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