AFR reported this morning Centuria Industrial REIT bought TLS data centre.
Price of $416.7m at a cap rate of 4.25%. I'd have thought that is a high cap rate for that kind of business. If we use CDC's latest EBITDAF of $117.5m and divide it by the cap rate of 0.0425 we get a market value of $2.6bn. IFT owns 48% of that. Thats a lot of value with the 3.22bn of market cap that equates to ~39% of it. That means its holding in Longreach, Tilt, Vodafone, Trust etc are only worth around $2bn.
Undervalued lmao.
Great share but short term don't expect a big rise in sp, page-10
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