1) ENN has sold Waverley Gardens for a significant discount because it needed the money and notwithstanding it was a partnership between Heitman and ENN. Heitman is a significant company with $49billion of assets under management, so i can only assume they sold because they were forced too, or the property is a dog. If it's a dog it raises the questions what other dog properties did the management buy given the saying "there is never only one cockroach". It could be buying dog properties is not only contained to ENN.
2) if Heitman were forced to sell, how does that position ECF with regards to 19 Harris street Pyrmont given this is a JV between ENN and ECF. Worse still ENN has 50.1% not 50/50 and you can guarantee the extra 0.1% gives then a whole lot of power to do what they please.ECF does not have the debt room to borrow to buy them out and if they sell at a similar discount to above then its not good news. Maybe Lederer is getting ready to buy it in his own name? Would anyone underwrite a rights issue for ECF to buy out ENN, if Lederer has said no.
ECF Price at posting:
53.5¢ Sentiment: Buy Disclosure: Held
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