careful, page-35

roadster finally you qualify your statements.

Interesting take on the recurring fee income. So you are stating that the bottom line FM fees are not enough to sustain the business?
Are you referring to the Aus arm or the UK arm? Also have you factored in the 100 or so staff that they let go? (I believe mostly development and deal origination?)

I thought that the price paid for the UK FM business was only a multiple of 8-9 x EPS which arguably is not that large.

I think that with the combination of some nice property in their directly held portfolio in Aus (all right some not so nice stuff also) and a restructure of staff you may seem them come out of this mess.

I think their are challenges for all of the REITS at the moment however I think VPG's risk profile is smaller than your CER or CNP.

Roadster what is your view on IEF? (out of curiosity)