chanticleer afr , page-10

"I'm a little surprised that the market is not applying the same "predictive" caution to other LPT'S operating in the same markets as Centro (namely Westfield)"

Almost every LPT is trading at a significant discount to NTA at the moment, so actually, the market is applying similar principles to other LPTs as it is to Centro (but obviously not to the same degree, because Centro is at serious risk of not remaining a going concern).

The comparison with Westfield is facile. Westfield is arguably the world's premier LPT, with a 50 year track record of creating value. Centro is teetering on insolvency. Westfield has earned the right to trade at a premium to the broader LPT market because it has delivered rates of return above its comparables for decades.

A much fairer comparison with Centro would be MDT or MCW, both of which are trading at steep discounts to NTA and book equity value, like Centro.