quiet, page-8

When CER collapsed in the GFC, people thought it was "gone", but it has consolidated, refinanced, reduced debt, written off valuations, held back dividends and changed management . I have to agree with BT's analysis that the undervalued listed property sector will be a defensive place to have money invested for a while . There are good days and bad days but Centro retail will continue to get rents from "bread and butter" anchor tennents . people will still buy food and clothes.