Banks probably don't care if parent goes into admin as they have...

Banks probably don't care if parent goes into admin as they have priority in repayment of debt and there will be virtually nothing left. Administrator will keep the management companies alive, BBP/BBI management payout (which will run into 100's of millions) will drive this more than the token Japan management arrangements issue. Severing Australian BJT employment arrangements, back to only the Japan based team may also play a part in the delay.

BJT legal structure/management contract is in the original BJT prospectus.

Understand BNB other investments into Jpn are via the BNB Australia Real Estate group and its Jpn sub (which have BJT employees on the board).

I want a higher degree of certainty on tennant stability, particular outside of Tokyo, not being screwed on the BNB separation and getting the hedge/debt exposure under control for more than 6mths to 1 year before I buy in again in any amount (or a further drop in price) of course. IMO other REITs currently present either better security with a likely div(eg CMW, with high level of govt tennants) or better price with volume turnover for a similar risk (EG MCW).