Citi‘s Most Read - Real Estate

Research evidence excerpt

Citi‘s Most Read - Real Estate

Link REIT (0823.HK) - Divests 50% of 100 Market Street in Sydney: Step-up in

Capital Recycling & Buyback

Link REIT announced on 22-July (link) the sale of a 50% interest in the trust

structure that owns 100 Market Street to Aware Super, an Australian pension

fund. The gross consideration of A$225.9mn (around HK$1.24bn) represents

exactly 50% of the property's appraised value of A$451.75mn as at May’26 and

matching its book value as at Mar’26. Link has received a 5% deposit, while

completion is conditional on antitrust clearance within 6–9 months. Link will

continue to provide management services to the asset and investment structure

after completion. 100 Market Street is a 10-story Grade A office asset in Sydney's

CBD with a net lettable area of 28,339 sqm and annual net passing income of

A$33.9 million.

Buy | Target price HK$44.80

Cindy Li | Griffin Chan

Brazil Real Estate & Property - 2Q26 Shopping Malls Preview: Slower Sales

Growth, Stable Operations; Multiplan Remains Our Top Pick

We expect a softer sales growth profile for Brazilian malls in Q2 versus Q1. While

Apr/25 benefited from a favorable holiday calendar that created a tough

comparison base, Jun/26 was likely affected by holiday travel, FIFA World Cup,

and a broader economic slowdown. As a result, we expect Allos, Iguatemi, and

Multiplan to post similar SSS growth of 3-4% (vs. 5% for all three companies in

Q1), while SSR should remain slightly stronger, as all three companies continue to

work on increasing occupancy costs and achieving real gains in lease renewals. We

update our estimates to reflect revised macro assumptions. Although our EBITDA

estimates remain broadly unchanged, our FFO forecasts are revised down by

LSD%, reflecting a weaker financial results outlook.