@2.4 cents market cap is 38.6m, page-41

Except that the theory is badly flawed. Take the UK for which VPG has the greatest issue. As all property prime yields climb to 15 year highs, interest rates have gone in the opposite direction and the base rate now sits at an historic low of 0.5%.

The widely held view that interest rates are closely correlated with commercial property yields has always been tenuous. Even 5 year swap rates which are a better barometer, are decoupled.