This was one of the properties which had a directors valuation for June 2010 results to which the directors hadn't written down any value from the June 2009 result. In that context a 6% discount to book value is reasonable when compared to the only retail/leisure building which was independently valued by Savills in June 2010 and subsequently written by 23%.
Office assets are more sought after in Tokyo so you may reasonably assume the book value of the office assets are below current market.
GJT Price at posting:
$1.45 Sentiment: Hold Disclosure: Held
