Frasers Centrepoint Trust's move to sell its smallest property, White Sands, seems strategically sound to Jefferies' Wilson Ng, who notes the deal would raise the real-estate investment trust's acquisition capacity and optimize its portfolio. The 467 million Singapore dollar sale is around 8.0% above the property's book value, which the analyst sees as a fair price. The deal also lowers the REIT's gearing to 36.5% from 40.0%, which suggests significant buying capacity, the analyst says in a note. He expects future redeployment of the REIT's capital will be key to offsetting Frasers' near-term distribution-per-unit dilution from the sale. Jefferies retains its buy rating and S$2.55 target price. Units drop 1.3% to S$2.23. (megan.cheah@wsj.com)