"thats 900 million gain with only 150 million outlay?"
Easy, you get your tenents to pay you a large sum up front, and make a good NPAT, just like CCF do. Good isn't it?
Suhm, you missed my point (several actually). You said it had to be cashflow positive, and I pointed out that it didn't have to be to be a good business. Also, you don't have to "raise $1bn" if you business generates a large NPAT but is cashflow negative. You simply be cashflow positive by raising debt (a small amount against your NPAT).
I'll put it to you another way. I have a house worth $500K. There is no debt on it. I'll sell it to you for $100K. But you have no cash. So you go to the bank and borrow the $100K.
You debt was gone up (and cashflow negative in your eyes), but you NTA has gone from $0 to $400K. Based on your logic, this is a bad deal. I won't bother offering it to you, because you would obviously say no.
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