Well said.
To sell an asset above book value, hats off. The Fund Manager is clearly doing a good job.
If they sub lease 10 Valentine as its now A Grade given the 20m CAPEX then they could back towards a $120m valuation. At lower cap rates it was valued at $147m. Today it is only $95m. Don't forget it has optionality with BTR
NTA could actually lift then towards $1.90.
It is rare to find asymmetric opportunities and this is one for the patient.
Only 3 assets now left to be sold.
+51% upside to $1.90 if lease 10 Valentine, otherwise sell all assets now and get $1.75 +39% return.
Selling here one is mad.
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Open | High | Low | Value | Volume |
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Price($) | Vol. | No. |
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1 | 11100 | 1.255 |
2 | 25800 | 1.250 |
1 | 6240 | 1.240 |
3 | 57500 | 1.225 |
Price($) | Vol. | No. |
---|---|---|
1.265 | 9177 | 2 |
1.270 | 10750 | 2 |
1.275 | 20000 | 1 |
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