The REIT’s has also concurrently expanded its investment mandate, whereby its new strategy with effect from Nov 21 is to invest primarily in income-producing real estate and/or real estate-related assets, instead of just within the Asia-Pacific region, used primarily for healthcare and/or healthcare-related purposes, Lee notes.
Following Parkway Life REIT’s acquisition of 11 nursing homes in France for EUR111.2 million ($159.9 million), Citi Research analyst Brandon Lee has maintained his “neutral” on the REIT’s valuations with an unchanged target price of $4.
Parkway Life REIT will acquire 11 nursing homes, 100% funded by equity fund raising (EFR), marking the REIT’s maiden reentry into a third key market after Singapore and Japan. The nursing homes are located across six regions in France, and the portfolio comprises 850 beds across net lettable area of about 42,600 sq m (or 0.46m sq f) and enjoys committed occupancy of 100%.
