overall property market, page-2

Emma, come on, come through the GFC, but in a better state?
Before the GFC we had what appeared to be a succesful international platform that, at the time seemed like a good deal price wise. Now - written down (all though I think this could come good)
We had a relatively innovative RE finance division making good profit. Probably worth 0 now and it will be good to see all our money back.
Development pipeline and rosy outlook for completed stock - different picture now.

All though it sounds like I am knocking VPG, I am not. I am merely pointing out that the business and shape of things to come are very different to what they were pre GFC.
I think VPG could get back to the $1 mark, but time frame not sure. They have some good stock (and some not so good stock).
Personally I still think there will be rationalisation(??) in the Australian REIT sector. The discounts to NAV that are availble in the market place make taking out a REIT a cheap entry into the market or opportunity to consolidate. Especially if you think that the cap rate softening bias has bottomed and is likely to be replaced by tightening in the medium term.

VPG would have to be a sensible play for someone like an SGP with a strong balance sheet. (OS platform, some res dev, JV valued at 0 in the UK etc)
Main thing that would shoot that down is that I believe SGP are focussed on growing their aged care business + I am not sure about the res dev arm and where they feel the market for resi is heading in the medium term.

Just my opinion