Ann: BKW North America Analyst Presentation and Site Tour, page-5

I have a few contacts who are in property they say these higher tech industrial parks are the sweet spot at the moment. They reckon Goodman are the perfect partners and the deals are on the rental side as they are seen as operating costs to distribution and industrial companies. So the few I talk to see this as really good medium term value and the fact that they are embracing "Green" helps sell the concept. What everyone agrees is that the valuations of even these great assets are cyclically high and would be under stress in any long recession.

RM does not inspire me as green but I think they have great advisors. The other REIT that BKW has an indirect interest in really worries me - TOT has not been the best of the family ideas and in fact I am not sure why they decided on office accommodation - it looked fully priced but they thought it was discounted. I think the CBD's and life in general is changing. I think that this is a bear market for commercial property especially office accommodation. Maybe its my friend base but we are not into going to large malls and crowds and much prefer the smaller more targeted mall these days. I think COVID changed our lives and we actually like what was changed.

It is interesting that TOT is spending a lot on Solar and upping the "green" rating of these fairly new buildings - is that influenced by BKW?. TP is thought to be a property Guru so who am I to criticize. .

Back to BKW NA. I find it interesting in that this presentation and site tour coincided with the oracle of Omaha annual pilgrimage at the end of this week. So I suppose many could combine both if travelling from Australia. Or after reading this presentation I thought that this was more an introduction of BKW to the Americans and yet I am skeptical of it being an investment they would buy. A lot of USA investment houses have been burned by investing in Europe - the market performance in Europe has not come close to matching the USA over the past 5 years. I suspect Australia its even worse as the exchange rate has not helped as well..

That is the larger question for me - was this a puff piece for Australian Journo's and investment houses or was this about USA...?