DBS Group Research has kept its "buy" call and $1.05 target price on Frasers Logistics and Commercial Trust following news that it plans to sell a commercial property in Melbourne at below its original purchase price.
On July 16, FLCT says it plans to sell 357 Collins Street for A$195.3 million, and use proceeds to reduce debt.
"While the building is well-situated, it has seen a steady decline in occupancy over recent years due to the ongoing remote work trend in Melbourne," says DBS, noting that since the building was bought in April 2020, occupancy has dropped by over 30ppt to 63.9% recently following the departure of major tenant, Service Stream.
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