Ann: Market Update, page-17

Well, it's clear from p26 where BLA intend to deploy their money and raise from investors (i.e. predominantly across existing institutional mandates in real estate and real assets); but yes, clearly the big question is whether those intentions can be converted to reality.

BLA are just a JV owner of their RE platforms alongside a specialist operator (Cove, Retire Aus, Student Quarters etc.), so i think their chances of deploying that $40m earmarked are decent. The rest is obviously harder as it involves an investor handing over a cheque directly to BLA, where significant reputation damage has been inflicted.