Metropolitan office fund with upside potential
- COF is a landlord of prime Australian non-CBD office assets. Management has kept occupancy relatively high, amidst broader weakness in the suburban office sector.
- We consider the current discount of 29% to NTA offers investors an adequate margin of safety in the current market.
- We maintain a BUY recommendation based on the underlying value of the COF portfolio. We consider COF to provide potential upside for investors who are patient to invest in the non-CBD office sector and have a medium-term time horizon.
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