As a recap, CICT will be acquiring the whole of Paragon - both retail and office components - at an initial yield of 3.9%.
Vijay Natarajan of RHB Bank Singapore has kept his "buy" call and CapitaLand Integrated Commercial Trust, given how valuation is deemed "attractive" at just 1.x P/BV, along with a slightly raised target price of $2.75, up from $2.73, after unitholders gave their go-ahead for the $3.9 billion acquisition of Paragon.
"The transaction further strengthens CICT’s position as the largest Singapore commercial sector proxy and leading Asia Pacific REIT," says Natarajan.
