Apac Realty

Apac Realty | Buy

Target price: $1.32

June 8 close: 88.5 cents

DBS Group Research, June 6

Apac Realty has proposed to acquire a commercial property at Lorong 6 Toa Payoh for $72.8 million. The property will serve as the headquarters of ERA Asia Pacific, and a permanent place of business for the group to provide enhanced facilities for ERA's agency operations, including new office space for agents and improved training areas. Completion is expected by end-August. Apac intends to retain about 50 per cent of the space for its own use, including sub-leasing to its own agents, and the balance leased out to third parties. It will still retain its current office space at Mountbatten. The purchase consideration will be funded by a combination of internal funds (including initial public offering proceeds) and bank financing, likely in the 20:80 proportion.

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