Australia's BWP Trust eyes best day in 19 months on revenue growth, interim distribution

Newmark Property Reit

07/02/2024 02:53

** Shares of BWP Trust  BWP.AX  rise as much as 3.9% to
A$3.48, set for best day since June 23, 2022 - if gains hold
    ** Stock hits highest level since Jan. 23 
    ** Real estate investment trust announces half-year revenue
from ordinary activities of A$82.3 mln ($53.79 mln), up 5% from
previous year
    ** Declares interim distribution (DPU) of 9.27 Australian
cents per unit
    ** BWP Trust says profit attributable from ordinary
activities down 52% to A$53.2 mln
    ** Jarden analysts initiate coverage on BWP with price
target of A$3.35 and "underweight" rating
    ** BWP Trust proposed 100% acquisition of Newmark Property
REIT  NPR.AX  on Tuesday at exchange offer of 0.4 BWP shares for
every NPR share
    ** Brokerage Jarden expects NPR portfolio acquisition to
boost growth and "ultimately drive a more attractive growth
profile"
    ** About 1.2 mln BWP Trust shares change hands, compared
with the 30-day average volume of 963,721
    ** Stock down 5.1% this year, as of last close

($1 = 1.5300 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))