bullish chart underway, page-23

Hi Reggie,
I agree with the comment in your post that this is the time in the cycle that money is made out of commercial property. We are approaching historically low values.
Problem is this does not benefit Valad. They cannot take advantage of the buying opportunities that are becoming apparent in the market, they are a net seller of property, they have the legacy of overvalued property bought in the boom market over the last few years.
I hope they survive, time will tell.