BUZZ - Citi supports an $853 million East Coast real estate joint venture, leading to a surge for Australia's Charter Hall

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September 18 - ** Charter Hall Group shares CHC.AX rose as much as 1.1% to A$18.495

** So far this week, CHC shares have risen a total of 1.5%, on track to end a five-week losing streak

** Citi said that CHC's new partnership with Tokyo Tatemono (8804.T) and UBS Asset Management highlights strong demand in the Australian real estate market

** The real estate investment company on Wednesday disclosed (link) details of the A$1.2 billion (US$853.08 million) partnership, under which the parties will jointly develop a portfolio of assets across Australia's east coast

** The brokerage said the deal will support further growth of the company's funds under management (FUM) and create additional fee income opportunities

** It added that Citi believes that despite tighter market conditions, CHC will continue to benefit from institutional capital inflows into Australia

** The brokerage has given the stock a "buy" rating with a target price of A$22

** Of the 10 analysts, 6 rate the stock as "buy" or higher, 3 rate it "hold," and 1 rates it "sell"; their median target price is A$22.80 — Refinitiv data

**Including today’s intraday moves, CHC has fallen 24.7% so far this year

(US$1 = A$1.4067)

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