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Target has recently raised an additional £94m in new equity and has extended its debt facilities by £40m, providing the capital resources to pursue an immediate investment pipeline of more than £100m. The strength of the pipeline and flexible debt facilities limit the drag from cash, while the expanded portfolio offers further diversification and scale economies to counter increasing asset prices. The shares have slightly de-rated during the process and offer an attractive 5.8% yield and growing dividend, which we expect to be fully covered on a fully invested basis.

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