new strategy to get the nta of 20c, page-20

I think something is not as it appears with GJT. According to the annual report, it appears true that the responsible entity will not get paid until the bond holders are fully repaid.

Why then would management want to go to the expense of a consolidation which on face value it is of very little value?

It would surprise me if there isn't a company that is interested in a takeover of GJT. There is significant value above the current SP if the loan sharks are paid off and the trust is properly refinanced. There are examples of other JREITs that have recently been taken over/absorbed into stronger ones. Now would appear to be a good time to make a move.

It is not a case of a predator waiting for GJT to be on its knees. GJT still has plenty of time, and is only likely to be in a stronger position regarding asset sales as time goes on. Looking at the JREIT index, things are turning around, and the Japan government is actively trying to boost the sector.

So...., my bet is that GJT are in talks with some company regarding the possibility of a friendly takeover and that the consolidation is part of this.

Of course, everything I have said is purely speculative and probably rubbish. DYOR.