unencumbered assets, page-43

Redmoon

Normandy does not own another 20 per cent in RNY. The announcement is simply saying that because of Reckson and Normandy having an agreement to cooperate, Normandy is now considered to be an affiliate of Reckson and so must disclose that they have an interest in the 20 per cent of RNY that Reckson owns.

I think the agreement is very important for RNY. It is an agreement between Normandy, Reckson and ABP (a dutch pension fund) who are the parties who own the other 25 per cent of the properties that RNY does not own.

The agreement provides at clause 3 that for a period of two years "the parties shall work together in good faith to determine whether to pursue an LPT Takeover Transaction or any other LPT Transaction."

An LPT Takeover Transaction or other LPT Transaction is defined to mean a takeover of RNY, a loan or a purchase of RNY assets.

So I think you are right that it is (or will be) a play for control. ABP is one of Europes largest pension funds and a major property investor that has substantial real estate investments across the world. It certainly has the capacity to fund a transaction.