Accretive deal: 100% ownership of ISMDPL enables upstreaming cash flows and greater capital allocation control from day one.
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Long-term growth potential of ISMDPL: guidance suggests ~13x growth by 2030 and expansion to a diversified mix of assets.
NEGATIVES
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Near-term occupancy churn: planned repositioning at Phoenix MarketCity malls causing a temporary dip in trading occupancy and 5-6% drag on rental income.
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Mall of Asia vacancy: ~10% vacant with 8% on upper ground, indicating near-term softness in one marquee asset.
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