The freehold Top Ryde City Shopping Centre, described as a "regional mall", has a lettable area of 77,054 sqm and is anchored by major non-discretionary tenants such as ALDI, Coles, Woolworths, and Kmart, which contribute to 77% of the gross rental income. Other notable tenants include Australia Post, Priceline Pharmacy, KFC, Subway and Westpac.
Jonathan Koh of UOB Kay Hian has kept his "buy" call and $1.20 target price on Keppel REIT following the acquisition of an effective stake of 75% in a Sydney mall for $334.8 million.
"This marks Keppel REIT’s first retail asset and represents a strategic expansion into the retail sector, diversifying its traditionally office-focused portfolio," states Koh in his Oct 9 note.
