good result from gpt, page-4

MGR had a pretty good result, increased profit from operating act. over the previous Period, but it recorded a devaluation of around 0.5% across its portfolio.

This is because GPT holds higher quality assets than MGR (however MGR's most recent devlopments are actually equal to or better than T1 imho). The result of this is GPT's propery's get tennanted first as a result of the higher quality, and because of that, the vacancy rate drops on the asset and the valuation heads up.

As far as VPG is concerned, I think its asset types are more correlated with MGR than GPT, and are of good but not great quality.

As stated previously, A break even on revaluations, with a return to operating profit would be a welcome result, ans should see the share hit 12c by Dec.