0512 GMT - Wharf Real Estate Investment's bull at Citi is upbeat on the company's sale of a Singapore asset. The Hong Kong-listed property investment company has agreed to sell Scotts Square for 310 million Singapore dollars, a 10% premium to its book value but lower than the S$450 million price it was marketed at in 2024, the Citi analysts say in a note. The deal completes Wharf REIC's exit from Singapore, and the company's transition to a purely Hong Kong landlord could benefit its investor positioning and valuations, they say. An inflection in luxury retail rent increases could be the stock's next catalyst, they say. Citi retains its buy rating and 36.00 Hong Kong dollar target price. Shares fall 0.4% to HK$31.60.
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