Property For Industry shares seen as expensive, downgraded to ‘sell’ by Craigs

Tue, 06 Aug 2013

By Tina Morrison Aug 6 (BusinessDesk) – Property For Industry, whose shares have gained 14 percent this year, is looking expensive compared to its peers, according to brokerage Craigs Investment Partners which cut its recommendation to ‘sell’ from ‘hold’. Property For Industry almost doubled in size following a July 1 merger with Direct Property Fund. The company yesterday posted its last earnings before the merger, showing an 8.8 percent rise in profit for the six months ended June 30. The property company is trading at an 11 percent premiu...

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