CHC has been a standout performer in the real estate sector through 2025, gaining 26% so far. We like how this fund giant, best known as the owner of office towers and commercial property, has quietly assembled a portfolio of apartments for development as it explores opportunities to address the national housing shortage. This week, they announced the acquisition of $200mn convenience store retail assets, which are already forecast to deliver accretive returns. The company reported extremely well in February, upgrading FY25 forecasts, but it’s starting to feel fully valued
- We think CHC will struggle to add to gains above $18, with its 3% yield not overly compelling compared to its peers.
MM is neutral CHC above $18
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