Analyst Research Report Snapshot

Title:

FORTERRA TRUST - ALL EYES ON THE HQ

Price:

$10.00

Provider:

Edison Investment Research

Date:

27 Sep 2013

Pages:

7

Type:

AcrobatPDF

Companies referenced:

FORE.SI

Available for Immediate Download
Summary:

The proceeds from the completed sale of Central Plaza in May ($333m) underpin group finances and in particular, provide cash for completion of the new retail and office space at The HQ, Forterra’s major mixed retail and office scheme in Shanghai. The new retail podium at The HQ was 56.7% pre-let at end H113 vs 50.5% at end-March, and refurbishment of existing space (HQ1) is 70% complete and on track for completion and handover to tenants for fitout later this year. Forterra is focusing its resources on The HQ and has put other projects, other than preliminary work on regulatory approvals, on hold until after its launch. Another fully let asset, Beijing Logistics Park valued at S$67m, is held for sale; discussions with a prospective purchaser are ongoing. The shares responded positively to the sale of the 29.98% stake held by its former sponsors in Ireland.

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