independent valuations, page-11

Roadster, you state that office market rents around the world are "crashing". Where did you get your information from?
I agree that valuers will be under imense pressure to keep value loss to a minimum, however it really comes down to the product they are valuing. Yields whilst drifting out on prime realestate are doing so only minimally. Secondary property where yields almost came in to match the prime stock are where the biggest problems will lie.

As for the German portfolio there will be much worse value erosion to come there. The one benefit that Germany has over the rest of the EU is that the debt levels are and were always quite low. They didnt take up debt like UK, US and Spain.

One of the things I am not 100% sure of is the amount of $$ that VPG has tied up in funds it manages. I know allot of the AUS property (most of which I think will be ok, except maybe some of the bulky goods retailing assets), they dont hold allot of UK direct property (which is good), however they have allot of varying stakes in their own funds which could be a problem depending on what stakes they hold in what funds?