Cap mgmt here has been horrendous. Paid $13m @ $1.02 on average for the buyback. Now completely inactive at 75c.
They have a readily saleable asset in the IDOM portfolio that is still an attractive thematic (industrial).
Even owning 47.2% of the underlying fund, the proceeds on sale would allow them to switch back on the buyback.
Meanwhile two Grade A buildings Perth office towers have transacted in the last 2 months (Allendale Square and 108 St Georges Terrace) at $/sqm of lettable area rates pretty similar to GDI's book value on 197 St Georges Terrace and Westralia Square.
GDI should be hoovering its stock if it believes its book values. Otherwise they should be putting themselves up for sale.
GDI Price at posting:
75.0¢ Sentiment: Buy Disclosure: Held
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