very odd announcement from reu, page-4

Nothing odd about the announcement. They invested the money on a CDO vehicle that funded the NHP purchase. They effectively provided a low tranche of mezzanine debt which is the first to go if the borrower defaults. The borrower will default as the instrument matures in January requiring a GBP1.5 billion refinance. Impossible given the nursing homes are now worth significantly less. Equity holder is Qatar government and they have already stated they won't tip in more cash.