Stock Movement - Starhill Global share price drops about 4.3% after acquisition announcement

Starhill Global Reit closes at 0.545 one day after announcement of acquisitions of the 1 Australian and 2 Malaysian properties on Nov 18 (after market closes). Starhill Global was trading around the 0.565 - 0.57 range before the announcement. As of this writing on Nov 20, the share price has touch a day low of 0.53.

Did some back of the envelope calculations after the announcement on Nov 18, and thought it was quite a good deal since it is yield-accretive, and the malaysian properties were at a rather large discount to their latest valuation. Furthermore, Starhill Global still has about SGD 300 million cash from the rights issue. To date, there has not been any SGX announcements about cutting of stake by any substantial share holder.

Wanted to know the reasons for the sell down, but was unable to find any conclusive ones. Read some analyst reports and the following are 2 sore points to the acquisitions:

1. There is not enough details about the funding of the Malaysian properties, which have a price tag of SGD 423.3 million. Accord to the reports, the market may not be comfortable with this overhang.
2. The market may prefer REITs that are pure local play rather than such a geographically diversified portfolio, which will now include properties in Singapore, China, Japan, Australia, and Malaysia.

To me, the above reasons are sentiment swinging, and are rather difficult to be factored into the share price. Looking purely at the numbers, the latest quarterly DPU of 0.95 cents implies an annual yield of around 7% at the current price of 0.53 to 0.54, before factoring in the contribution to DPU by the new properties. There should be some support to share price when the yield becomes unreasonably high.