check out the figures, page-5

feeny,

I am in the camp that beleives that market price is very similar to actual value

Sentiment does play a part but probably not to the degree we think particularly when it comes to REITs

Investors particularly super funds etc do a lot of number crunching before they buy them

I would say that equity raising is on the cards if assets were to fall more than 10%

LLC has just devalued some of its property in the UK because I assume they can't sell them by 11.7%

read here

Note: Lend Lease’s 30% interest in the Bluewater shopping centre in the UK is held as Inventory at its original
cost of £250.0 million. Since completion in 1999, Lend Lease’s interest in Bluewater increased in value to
£647.4 million as at 30 June 2007 as included in the Portfolio Report within the Lend Lease Consolidated
Financial Report. The June 2008 valuation has decreased to £570.6 million but this does not impact Lend
Lease’s profit and loss account or balance sheet.

the UK however may have a lot more problems than Germany etc where GPT holds its assets in the JV

Also the Aussi retail, office and industrial which makes up 71% of the GPTs office portfolio may not fall much at all as demand is strong and rents are pretty good.

they may only fall a couple of percent if at all

Anyway the people at GPT don't forsee asset values coming down 10%

I actually thought property values would have to fall just 5% to break the bank covenant

the PR person said that it is not quite that simple and she offered to let me talk to the chief operating officer which I didn't do. Too much of headache trying make sense out what he is saying.

The up shot of all this is that she maintains that assets have to fall 10% to break the covenant and it won't happen.

I will take her word for it.

If they don't have to do a capital raising and property values fall only 10% you are sitting on absolute bargain

an investment worth in vicinty of $3.50

however I don't think things are going to play out like that

Your proably looking at something worth $1.81

but you never know your luck.