That's not the point. At this stage, even an asset sale at 50%...

That's not the point.

At this stage, even an asset sale at 50% of book value, which is absolutely insane to think about for some of the best real estate on earth, is preferable to a 100% dilution.

Sell 7bn€ at 50% discount, retain 100% of your ownership of a 49bn€ portfolio.
Raise 3.5bn€ at a 20% discount, retain 50% of your ownership of a 56bn€ portfolio.

This raise is essentially an arrangement with the underwriting banks to strip current shareholders of their ownership of the portfolio.
The justification is financial stress and deleveraging for "long-term strategy" without even giving any details on that strategy and why this makes sense.

This is despite record available liquidity at very low interests, earnings still easily covering interests and ample margin before breaching covenants.

If you can't come up with an amount of cash equal to your position, the underwriters will be more than happy to gobble that for you as they know full well the actual value of the company and the discount this is trading at.

Personally, as long as the CDI holders are included, I will be fine as I only have 1200 free-carried from trading the bounce in may and I can come up with the funds easily, but If I was heavily invested in this and unable to double my position, I would be fuming.