Here's the link.Couple of interesting quotes (emphasis mine):...

Here's the link.

Couple of interesting quotes (emphasis mine):

"The billionaire, who made his fortune with the Primo Smallgoods family business, lifting it into an Australian food giant before it was mostly sold to private equity in a $740m deal, is a canny property player"

""The move is effectively a bottom of the cycle play in which Lederer will gain significant influence over the office fund’s future and shows that private capital is now willing to back offices, which are trading at a deep discount."

"Mr Lederer called out the tough environment for office property, but was bullish about its prospects in the future."

"We acknowledge that quick wins in office are in short supply. But, as long-term portfolio investors, we are a big believer in the Australian office market – because we are a big believer in the future of Australian cities. Over time, we expect to see good returns for patient capital invested with great teams."

Lederer said ECF had great management which I don't know if he's just playing politics but that's clearly not true. They might be good property operators but their capital allocation track record speaks for itself.

My main concern with Australian property is if RBA don't start a rate cutting cycle like the rest of the world. Instead they hold rates as they are or god forbid hike.

Also in FY24 presentation they said average gross incentives were 34%. Does anyone know if this is high? It looks high to me but I think its still a renters market and the shift to a landlords market might come a year or two down the track.