back to fundamentals, page-10

Lavender,

It's Orbis. That's the correct spelling.

We've had a lot of volume on CER so Orbis, if they were still accumulating would have had to give another notificiation of increased shareholding, so it's probably likely that they have stopped.

The other major player that only invests in REIT's (Aussie and overseas) is Resolution Capital. They are a High Conviction player who ran to the hills and exited substantial positions in CER and CNP.

I have attended briefings (over 2 years ago now) where they were concerned with gearing levels even back then and also the dividend payout ratio which exceeded 100% on a lot of REIT's.

There was also concern that Westfield is just too major a player making up 35% of all listed property by market capitalisation in Australia.

Companies like this could look for diversification into smaller REIT players that offer something different not just low gearing.