Put the difference in capital structure, nature of assets, and...

Put the difference in capital structure, nature of assets, and geographical diversification of assets aside (though note that VPG is not as geared as CER, VPG has no exposure to the US market-generally speaking Europe fares slightly better than US at the moment),

VPG: SP/NTA=9c/$1=9%
CER: SP/NTA= 12c/$1.25=9.6%

I would add also that:
1. your comparison is based on 30 June 08 financials, there is probably different asset impairment levels between the two since then. (not sure exactly-considering VPG properties are industrial ones not retail properties-however located in Europe and Asia Pacific VS. CER though more resilient retail properties-large part located in the US;)

2. In the short-term, with the CNP/CER debt extension announcemnt due soon - (hopefully it is 100% straight extension with twist), CER may be a better bet. however, there is still a bit of uncertainty around it.

3. In the long-term, I see VPG as more light-loaded debt wise to get out of the difficulties;

4. VPG is a stand-alone entity, not linked to another one like CER does with all these complex corp structure, therefore it is easy to be acquired by PE firm or other 3rd parties;

5. the smaller MC of VPG vs CER also makes it an easier acquisition target, especially under the current credit environment.


With the above, we can see for ourselves which one is likely to be a better bet, especially in the long-run.

Any other thoughts? Guys and gals?