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Stocks Down Under 21 July 2020: Dexus, Grange Resources, Elanor Commercial Property Fund
Dexus: Well-run and offering an attractive yield
Based in Sydney, Dexus is a real estate investment trust (REIT) that manages a high-quality Australia-only property portfolio valued at $33.8bn. As the former property trust business of Deutsche Bank, Dexus directly owns office and industrial properties worth $16.8bn. It manages an additional $17.0bn of properties on behalf of its third-party capital partners. The COVID-19 crisis has pressured property values and caused uncertainty around future leasing demand in the property markets. However, we believe Dexus has a strong capital position and a robust $11.2bn development pipeline that should support growth as market conditions normalize. Time for a closer look, especially since Dexus shares offer a nice 5.5% yield right now.
Also in today’s edition: Grange Resources (ASX:GRR) and Elanor Commercial Property Fund (ASX:ECF).
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