His estimates showed that the merger will add about 9.2 per cent to Sabana's estimated FY20 distribution per unit , driven by the trust benefiting from synergies.
The potential marriage with ESR-Reit will also allow Sabana to"finally" unlock the true value of its portfolio, DBS noted. Sabana has historically traded at a discount to net asset value , with the five-year mean discount to NAV at about 26.4 per cent. "Post-merger, the enlarged Reit's P/NAV could re-rate closer to its larger peers. This is especially so considering that the enlarged Reit will be a prime candidate for inclusion into the FTSE EPRA NAREIT Index, which could boost the liquidity and visibility of the Reit in the future," he added.
Based on DBS's FY21 estimates, the deal is 3.4 per cent accretive to ESR-Reit's DPU and 18.7 per cent accretive to Sabana's DPU, fuelled by the lower overall cost of debt and higher gearing of about 42.5 per cent.
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