If they are worried about long term debt, and have such good asset quality, they should just dump a high quality shopping centre or two. Even if it’s at a substantial BV discount, it would be hard to do worse. Anything above 50% of BV reduces gearing, and it would be substantially better for shareholders.
URW is doing what’s best to maintain a real estate empire, not what’s best for shareholders here. An equity raise at this point is just awful.
Still, it’s probably cheap, but will be kept down by sentiment.
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