Ann: HY23 Results Presentation, page-4

I would have liked to seen some commentary on HPI investment rationale... given that it's a $100M investment. And agree - it doesn't seem cheap on the surface (either yield or discount to NTA).

But in their defense, Irongate didn't make any sense when they piled into it (wasn't cheap either - but the time they acquired 19.9%). And Evans and Partners looked outlandish - until they made a 50% return on it! So perhaps the jury can sit tight on the verdict for another 6 months.

Pubs and hotels though are certainly attracting instro attention though. Charter Hall has a a significant holding in this sector.
Long WALE's, often triple net, large land holdings, CPI linked rent increases.... so could be a more attractive space than office.