Ok Ive done a rough calc of the cap rate
CER's share of the ABR as at 31 Dec 08 from supplemental is as follows:
Greenport - $728k
Garden City Plaza - $886k
Chestnut - $310k
Ladera - $1m
ABR of 4 properties: approx $2.9m
Take away approx 10% to get NOI: $0.3m
NOI: $2.6m
Approx cap rate: $2.6m/$27.2m (CER's share of proceeds) = 9.5%
Most likely these properties were sold at an aggregate discount to book value, however it should still result in a reduction in CER's look through gearing ratio.
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cer completes 28.6m of us asset sales, page-7
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