Lendlease Group

LLC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$59.00	Nnpqg	Rzcgfsk

Don’t Quit the City; The Office Is Set For a Comeback. FVEs Increased for Dexus, GPT, and Mirvac.

Alexander Prineas

Apr 14, 2021

We see risks to Australian office demand as widely overestimated, despite our expectation that work-from-home will endure post-pandemic. Several REITs remain modestly undervalued, particularly those focused on prime grade offices, with long leases, and solid balance sheets. We raise our fair value estimates for three particularly high-quality office-heavy REITs: Dexus, GPT, and Mirvac.

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