Ann: New Funds Management Initiative, page-2

Not sure why a $136m acquisition in the context of $2.5bn of total Assets under Management, should be considered price sensitive, but no matter.

At a 7.75% fully-leased yield, this looks the goods as yet another in a long line of astute property transactions by Willis, et al.

The strange thing about this business (and other listed property investment management companies which are also co-investors in the funds they manage) is that the market seems to perpetually value them incorrectly (either the market fails to value to management company or it fails to factor in the option value from deals such as the one announced today).

Which means that they for long periods at a time are undervalued.

I'm not complaining, though.
It's that lack of attention to detail on the part of the market that creates the buying opportunities.

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