I also would be surprised to see much reduction in valuations as the German commercial real estate and economy looks to be fairly steady over the last 6 months. MUE's property mix of nursing homes 100% leased (possibly positive), shopping centres 100% leased (probably steady) and industrial 66% leased (possibly down).
A bigger factor in the negotiations could be the significant increase in the value of AUD.
Also not worried with plenty of cash and refinancing not due till 2014.
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