I wouldn't rely on media reporting on yields or cap rates, etc....

I wouldn't rely on media reporting on yields or cap rates, etc. I clarified the NZ sale last week with IR:

"we can confirm the information is correct except for the yield of 6.77%, It is difficult to determine the basis for their analysis however, on the basis of our tenancy schedule, the passing yield equates to 7.46%."

Also, when a sale is within the VCS portfolio, the impact on VPG is dependent on the nature of the exposure. For example, a development could be sold at a big discount, but VPG could get 100% of its funds back as it has preferred equity. Thus, others take a bath first.