Barclays Maintains an 'Equalweight' on Brookfield Properties (BPO); Acquisition of London Portfolio Appears Attractive

June 20, 2012 2:01 PM EDT
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Barclays maintains an 'Equalweight' on Brookfield Properties (NYSE: BPO) price target of $18.00.

Analyst, Ross L. Smotrich, said, "BPO announced that it is purchasing four operating assets and one development site in London from Hammerson plc for $827 million; this represents all but $180 million of Hammerson's London portfolio...Based on recent appraisals, the acquisition price is roughly 5% above NAV. We believe the 6% initial yield reported by BPO is attractive in light of low interest rates and market cap rates in not just London, but major CBDs around the world."

Barclays maintains FY12 EPS estimate at $1.10, but raises FY13 from $1.15 to $1.16.

For an analyst ratings summary and ratings history on Brookfield Properties click here. For more ratings news on Brookfield Properties click here.

Shares of Brookfield Properties closed at $16.75 yesterday.

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