Leasing success at the 2x key properties for GDI (197 St...

Leasing success at the 2x key properties for GDI (197 St George's and Westralia Square).
This update mentioned 5,000m2 leased at 197 St Georges, which would take the occupancy closer to 80% (vs. 60% at the FY22 result released in August).

I keep scanning the ASX for recent Dec-22 valuation updates, most have come from other sectors (industrial, or convenience retail), within Office the major one I've seen is Dexus (huge office portfolio). Nationally the cap rates increased to 4.8% in office, 4.7 WALE, as at December. Which was not a significant devaluation (2.3% decrease on total office book values). Also worth noting, as at Jun-22 the Dexus WA portfolio cap rate was 5.4%, vs. GDI (6.0% Westralia, 6.75% St Georges, and their smaller offices ($100M total) are higher again at 7 - 8%). Perhaps 6.5% on weighted average basis.

And finally, 197 St Georges has also worn some devaluation pain already (past few years). I think it's peak valuation was $250M or so, vs. $212M in Jun-22).
So in summary, I would be surprised if their was a significant devaluation of the GDI office portfolio in the 1H23 results (Feb). A small drop in NTA might be expected, but I'm holding on.