commonwealth bank will put up for auction $110, page-15

having invested in REIT for many years, let try to explain the NTA valuation;
say they have $1 worth of property book value and owe 90 cents to the bank, that leaves 10 cents equity which is ours. Now they sell for $1 book value, pay the 90 cents to the bank and then we have 10 cents NTA - agreed ? BUT then all the fees come. Read article above - "complex tangled web" - this means time , money, fees, consultant fees, lawyers, duties, taxes.
optimistically say 5 % comes out for fees etc - suddenly our 10 cents turns to 5 cents ! NTA in half for nothing of value!
Currently l feel that buyers are NOT going to offer above book value, especially with all the complexity. Therefore in a sell off we get less than NTA. Why has the SP only risen 3 c from 18 to 21 if it is worth 40? Market is not silly - there is upside on 21 for sure, but plenty of risk too. To me a sensible figure would be 25 - 30 cents, l just think some are overly optimistic about this buy out.

To me it would be best for CER to sell part, retain the rest and remain cash positive and wait for real recovery - in about 2 - 4 years.