best buy i have ever seen on the asx, page-11

CER:
Post merger asset value at time of notification $10b
Gearing 60%,
Capitalisation rate about 6.5%
Squillions of tenants, over 95% occupancy,
80% assets in US 20% Oz,
US foreign exchange rate fully hedged for next 3 or 4 years,
Av lease duration to expiry pretty safe,

Growing like a weed but it seems Americans dont like outsiders encroaching on their turf- imperial US hedge funds try to smash little Oz battler. Notice how they target anything with big US expansion?
Suspect Oz gatecrasher will sell some parcels of recent US aquisitions, perhaps even direct repackaged managed bundles to big super funds who are pretty cash laden at the moment. (They cant provide the management-Centro can, for a fee)
These CER properties are what retailers call "consumer non discretionary" orientated centres. This is another word for less cyclical. Retail property is least risky in US as in Oz.
If commercial property prices are declining a bit in US these have best defences, so shareholder funds are nowhere near wipeout state. The share price seems like the market thinks it is near worthless. The fear factor is very high. By all means have some caution , but at these prices it looks pretty much like theyre selling hundred dollar notes for twenty bucks to this trained observer, but I could be wrong. Dont think so just here.
In little Oz a billion seems a crock of money. Not in this business. Or in the USA. Some academic "experts" say the market is always right. Thats a laugh, and I'm fairly academic. As aften wrong as right when the emotions (especially fear) get too involved.