Ann: Response to Media Article, page-4

@reeecevan,

I'm very partial to these asset managers operating in the property space, especially when they co-invest in the funds they manage because in my experience the market - for some inexplicable reason - tends to view them based on their asset backing alone, which means you can often buy the management earnings for free (or even for negative see-through valuations, at times eg. APD, which was acquired, and BWF)

So, yes, I have been following developments at TGP.

When I first looked at the company (some two years ago) I was put off by the complexity of the group (the PE and Credit funds own things that are less transparent to me that vanilla real estate assets); however, since then the center of gravity has increasingly moved towards real estate (and obviously more so should they consummate the PMG deal.

So, while TGP has moved up my list of opportunities, given the market events in recent weeks, that list is becoming longer by the day.

Lot's of investment choices emerging; finite means to buy them all.

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