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<Research>UBS Estimates BABA-W's Move from Times Square to Reduce WHARF REIC's Annual Rental Income by HKD110M
Recommend 10 Positive 20 Negative 8 |
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BABA-W (09988.HK) has recently been reported to be considering purchasing 13 floors and naming rights of the new grade-A office building One Causeway Bay, according to a UBS research report. Currently, BABA-W leases 10 floors totaling 170,000 square feet at Times Square, a property under WHARF REIC (01997.HK), with the lease expiring in 2028. Based on Times Square's office rental rate of HKD54 per square foot for 1H25, UBS estimated that WHARF REIC's annual rental income could drop by HKD110 million, equivalent to 1% of last year's earnings. Considering that HYSAN DEV's (00014.HK) asset enhancement initiative for its Causeway Bay property portfolio is set to be completed in 2026-27, Times Square is anticipated to remain under pressure in both retail and office sectors. UBS rated WHARF REIC Neutral, with a target price of HKD20. AAStocks Financial News |
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