He highlights that iREIT has “fared relatively well” throughout Covid-19, thanks to rents staying firm despite weaker leasing activity. “[iREIT] was able to promptly collect on rents, while settling new lease agreements with its key tenant, GMG, a wholly-owned unit of Deutsche Telekom,” Tan notes.
KGI Securities analyst Kenny Tan has started coverage on iREIT Global with an “outperform” rating and a target price of 69 cents, representing around 13% upside from current levels.
In his initiation report dated June 18, Tan's rating is underpinned by the "fairly stable" European office market.
