CGS-CIMB raises target price of CICT to S$2.57 after Sydney acquisitions

Singapore

CAPITALAND Integrated Commercial Trust's (CICT) foray into Australia through its acquisition of 2 Sydney office buildings for A$330.7 million (S$317.6 million) is expected to boost portfolio diversification and enhance income resilience, noted analysts.

CGS-CIMB on Friday (Dec 3) raised its target price on CICT to S$2.57 from S$2.56. It has also reiterated its "add" call on the real estate investment trust (Reit).