Ann: DXS: Acquisition of APN to further strengthen Funds business, page-11

CMW, ENN and BWF are the next in line. However, CMW and ENN are highly geared (40-50%).

Cromwell's founder Paul Weightman also recently left so that's always not a good sign.

Eleanor is highly geared and a big chunk of their FFO goes towards interest costs.

BWF is the safest out of the three. No debt, management with skin in the game and pays a 10% yield. But they lack the scale in AUM to generate decent FFO. To me, it's almost zero downside with good upside - 10% yield with share price growth when they start scaling up their AUM. With that said, management plays a pretty safe hand and haven't bought any real estate or started any funds due to their perception of an overvalued property market.

APD ticks all the boxes - Decent scale in AUM to generate a healthy FFO margin, very low debt, and management started buying shares late last year. All clear signs that this was a very undervalued stock.

Before the DXS offer, APD was trading at a cheaper valuation (FUM per $ market cap) than all three and without the high debt levels associated with CMW and ENN.

In terms of another bidder, I doubt there will be one. This was a knockout bid by DXS and APD is now trading at Charter Hall-level valuation at > 20x P/FFO.