looks a bit sick, page-12

I have been informed that MEC (Mitsubishi Estate Co) has picked up a number of J-REIT properties at fire sale prices in the past couple of months, but these tend to be offloaded by REITS sponsored by troubled US Investment Banks. Japanese government will not care if foreign owned J-REITS go belly up - Japanese nationals will buy the property back using cheap debt. The market is also swamped as so many Japanese developers went bust between May 08 and Oct08.

I also believe BJT's Tokyo stock will weather the storm well as most is well located within the city, but the regional holdings will probably get hit again the next round of valuations. Regional properties have been on the market for months - if they actually sell one it will provide a good guage of the market.

BJT's next share price boost should come when it buys out BNB management rights. BNB also has separate Japanese property assets/JV's of varying quality which may form part of the exit negotiations. These may or may not be a poison pill.