under bought, page-18

Thanks for that Haka. Sounds like you are based in the UK from your inclination?

Bit to mull over. Initial thoughts are that regardless of how long ago the funds or trusts were orginated you can bet that properties were revalued-up during the boom so that max asset value (min cap rate) is expressed on the books now.

I don't mind the assets being largely based peripheral to London, which from my understanding has taken the biggest hit. I also quite like the relatively high WALE and reawsonable yield. Also the smaller value prroperties can be easier to move to private investors as you mention though still an unknown in this market.

My thoughts ATM are that none of this last sell down is due to a particular "revelation" that VPG has exposure to UK etc. Indeed as Haka says the drop in AUD is potentially an off-setting factor in the medium term at least even with exchange hedging in place. Gearing is low, interest cover is good, funds management is a sht business but VPG in same boat as others and has been well and truely factored into share price. Basic supply and demand, more getting out than getting in for whatever reasons.

The closing auction today was heavily bought and sold for mine, some large institutions wanting to get out (hopefully only for reasons of liquidity) while there was plenty of large buy depth thrown up to match. Meaning large buyers were ready and aware of sellers in volume, maybe also aware of sellers motives, and prepared to match up.

Still can't see why VPG are worth less than 30c in the dollar, especially when the other REIT's are running and becoming comparitively more expensive. I will stick it out for a bit longer until the "seller" has liquidated and price bounces back (or I do my shirt?)

cheers