OK, this is what westpac has to say about it, make of it what you will .....
"BNB buys and develops infrastructure and real estate assets then sells them to investors, while also running an operating leasing business. The competitive advantage behind the pipeline of assets is management and staff. BNB benefited from the pre-2007 era of cheap equity and debt but now faces the hangover from the boom. It bought quality assets, though in some cases overpaid. The complexity of BNB´s accounts, the dependence on debt in a credit crisis, recent reputation damage and questions about the sustainability of revenues from the specialist funds make this a high-risk investment which could yet go to zero. It is not for conservative or income-oriented investors."
BNB
babcock & brown limited
