Charter Hall to acquire realty assets from subsidiary, Jefferies cuts PT

Charter Hall Retail REIT

29/08/2022 21:05

** Jefferies cuts price target on Australian property
investment management co Charter Hall Retail  CQR.AX  to A$4.21
from A$4.27; maintains "hold" rating
    ** CQR says it will buy 49% of a parcel of 51 properties
from its subsidiary Z Energy for NZ$132 mln  ($81.18 mln)
 urn:newsml:reuters.com:*:nL4N3040C9
    ** CQR also forecasts FY23 distributions to be no less than
25.8 Aussie cents per unit  urn:newsml:reuters.com:*:nFWN30300H
    ** Brokerage estimates annual and FY23 EPS accretion of 0.4%
and 0.3% from the acquisition; adds that it increases CQR's long
WALE assets with a long-term growing income stream
    ** Adds acquisition also dilutes CQR's discretionary retail
exposure with Ampol becoming CQR's 5th largest tenant,
representing about 4.5% of portfolio income
    ** Three of 13 analysts rate the stock "buy", nine "hold"
and one "sell"; their median PT is A$4.23 – Refinitiv data
    ** Stock has fallen 4.5% this year
 


($1 = 1.6260 New Zealand dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))