The REIT announced a portfolio revaluation as at June, resulting in a further increase of 11%. This follows from March revaluations, which saw portfolio values rise 8.3%. Morgans suggests the latest increase reflects a strong transactional market in the industrial sector.
The broker notes the portfolio cap rate has compressed -89bps since December 2020, and now sits at 4.53% versus 6.05% at June 2020. The REIT has also acquired a further three assets, increasing the portfolio value to $3bn.
Morgans increases the target price to $3.71 from $3.55 and retains the Hold rating.
Sector: Real Estate.
Target price is $3.71.Current Price is $3.71. Difference: $0.00 – (brackets indicate current price is over target). If CIP meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
