While their LVR will continue to blow out, they have multiple options to liquidate their trophy assets which are being leased up.
They've previously mentioned selling a 50% share in Westralia Square. This would bring in around $200m. That may or may not include WS2, which could be sold on its own (100%) for around $100m.
They're going to sell assets sooner or later because they've stated they'll be picking the eyes out of the slumped east coast markets. Nice arbitrage potential.
GDI have always been value conscious and unit holder friendly, so I would be VERY surprised to see a cap raise at a heavy discount to intrinsic value.
GDI Price at posting:
63.5¢ Sentiment: Buy Disclosure: Held
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