To sell an asset above book value, hats off. The Fund Manager is clearly doing a good job.
If they sub lease 10 Valentine as its now A Grade given the 20m CAPEX then they could back towards a $120m valuation. At lower cap rates it was valued at $147m. Today it is only $95m. Don't forget it has optionality with BTR
NTA could actually lift then towards $1.90.
It is rare to find asymmetric opportunities and this is one for the patient.
Only 3 assets now left to be sold.
+51% upside to $1.90 if lease 10 Valentine, otherwise sell all assets now and get $1.75 +39% return.
Selling here one is mad.
AOF Price at posting:
$1.26 Sentiment: Buy Disclosure: Held
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