Precinct Properties earns Morningstar upgrade on ANZ Centre deal

Thu, 05 Jul 2018

By Margreet Dietz July 6 (BusinessDesk) - Shares of Precinct Properties New Zealand earned an upgrade from Morningstar following the commercial property investor’s deal, announced last week, to sell 50 percent of the ANZ Centre in Auckland’s central business district for $181 million. Morningstar "slightly increased" rental growth expectations on upcoming lease renewals while it raised its fair value estimate for the stock by 4 percent to $1.37, up from $1.33 previously, analyst Tony Sherlock said in a July 5 note. The company's agreemen...

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