property ownership, page-27

Kiril, a positive I see on VPG is a large number of sub $20m properties, which opens the properties up to a larger range of buyers, thus don't expect them to take as big a hit if they have to sell these smaller properties.

Re valuations, my understanding from talking to a REIT specialist is that UK valuations are far more forward looking, and thus are more realistic than Australian valuations. Australian valuations are more focused on historical experience. Anyway, just second hand info, but hope it provides some input.