course of sales 7 million bought., page-26

just to clarify VPG has little to no real exposure in the EU market excepting through the FM arm.

I will qualify that with the following.

I believe they have co investments worth some 100-150m (investments in funds they manage)
They have stuff with the bank DUKE (at 0 value on the books I believe).
Apart from that it is my understanding that they have only a few UK based secondary & trading assets.

So in terms of the business they have little exposure in the EU for direct prop...

FM is an issue as the pound drops any profits they send home will now be worth less. Large drops in the pound will have a negative impact on some income, which was a significant portion of the income during the recent pres some 32-36m I believe.

I think its definitely still a long term buy but it will be interesting to see what happens in the short term.

CER - biggest negative for me with these guys is the US exposure. I think there is further additional pain to come in the US commercial market (with bright pockets). Too much debt to be refinanced in the short term 1-3yrs.

Just my opinon. GL VPG holders I think the next couple of years will be good for us. VCS work out, increase in property values and hopefully it will be the right time to pull the trigger on some of the development pipeline.