lost the plot and bought at 2.25, page-81

MFS sold off their travel business for about $800 m below what they had paid for it....12 months previously.

No comparison to BNB.

BNB borrow to acquire high class assets (different to Centro's US shopping centres). Sometimes when you have spenD $70b you pay over a vast asset base, you pay too much......means a writedown.

However their large wind power portfolio is increasing in price.....they need to quickly get around to have independant revalving of wind power. Effect is opposite to these recent writedowns.

BNB statelites also seek out gearing to develop each of their asset bases. They are mostly making strong profits,....eg BBW, BBI and paying a fair reinbursement to their parent BNB. Statelites were setup (at the right price....question mark BBP).....thus ongoing fees to BNB.