independent valuations, page-23

I tend to agree with Smartinvestor.
Remember the VCS portfolio has a huge development risk exposure, generally with poor quality partners, or partners under immense pressure. In this environment development sites reverse negative value exponentially.
I dont know the quality of the balance sheet Investment portfolio.
I know the third party managed Funds are full of overpriced crappy assets.
Portfolio plus, the reason property yields blow out when the cash rate falls , is because the cash rate if falling because the economy is in trouble, therefore real estate values fall and yields increase, this will continue