doing some basic research at the moment, page-13

Mr Feeney I agree with your previous posts about valuations and net asset values however you fail to take into a/c that we are in a fairly nasty bear market and that property valuations are going to get whacked even further next year.

Its a fact that banks are not lending on large scale commercial properties and if they do the valuer will value it at less than a buyer is paying for it and the bank will only lend 30 to 40% LVR.

That is why we have no big ticket sales in Australia because no one has the capacity to buy. Next year will be judgement day for a lot of these trusts.

As I have mentioned before which you don't seem to acknowledge is why would I buy a stock such as GPT on a yield of 8% when I can buy just as good a stock on a higher yield on a bigger discount to NAV and a current gearing of 35% or less.

As I stated before it is only holding up at the current level because of the prospect of a takeover by SGP which in my opinion will never happen.

I am only providing an alternative view to yourself an providing a point of discussion.

Good luck with your investment. I hope it works out !