No matter what the spin, as expected this trust is now one of...

No matter what the spin, as expected this trust is now one of the most heavily geared REITS on the ASX with the perception that entails; and as you have pointed out asset disposal is not likely to help, especially in the current Japanese market.

Given Australian REITS that needed to refinance have substantially not been able to achieve it and have gone for capital raising in lieu I see BJT in a similar position in the medium term, but with less support given the exchange rate and economic risk, particularly on their regional product.

Shame the shareholders continue to be screwed on the strip out of deal fees on the Shinjuku sale and ongoing management fees by the old management, which remain meaty despite the de-valuation.