For the first time in an age CER is trading less than CNP. Is CER now a good buy? 70% of its portfolio is in the US and as we have seen the US retail properties are being sold at 10% below book value.
Swap, you were a big holder of CER, preferring them to CNP if I remember rightly. What are your thoughts now? And what percentage reduction of value in assets will you be getting worried?