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Hot stock: Accordia Golf Trust jumps 13% on potential sale of all its golf courses

UNITS of Accordia Golf Trust on Friday surged as much as 13 per cent or S$0.078 to S$0.678 following news it received a non-binding proposal from an unidentified party, which might result in the trust selling its interests in all of its golf courses.

Accordia, trading on a cum-dividend basis, was up S$0.075 or 12.5 per cent at S$0.675 at 11.54am.

The trust's manager said it is evaluating the proposal and will appoint professional advisers. It noted that there is no certainty or assurance that this will result in any transaction.

As at Dec 31, 2018, the trust's investment portfolio comprised 89 golf courses across Japan with an appraised value of 144.7 billion yen (S$1.81 billion).

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Accordia had earlier in November declared a distribution per unit of 2.07 yen for its half-year ended Sept 30 - the highest distribution since the trust was listed in Aug 2014.

Its H1 net profit was up 29 per cent to 3.5 billion yen, mainly due to the improved performance at the golf courses.