I also would be surprised to see much reduction in valuations as...

I also would be surprised to see much reduction in valuations as the German commercial real estate and economy looks to be fairly steady over the last 6 months. MUE's property mix of nursing homes 100% leased (possibly positive), shopping centres 100% leased (probably steady) and industrial 66% leased (possibly down).

A bigger factor in the negotiations could be the significant increase in the value of AUD.

Also not worried with plenty of cash and refinancing not due till 2014.