why i have sold cnp, page-20

BB,
May be combined with CER but believe most assets will remain in structure. Could be equity issue to shareholders but unlikely at these price levels or placement to new key shareholder.
Believe some assets will be sold & gearing reduced. Long term financing will have to replace short term loans.
Hopefully lesson learnt by management & operational aspects of business are the key drivers.
No one can forecast accurately what property centres prices will be going forward. Over a 2-3 year period could drop (not a good situation if refinancing at time).
Given we have long term inflation costs of centres become dearer to build, rents will increase, centres well occupied possessing good demographics should be worth a lot more in say 5 years.
Expect even this coming report will show increased rent revenue but the Press will only focus on writedowns.
Remember Mr. Gandel was offered Chadstone for $30 million in about 1980 by Myer. What a great opportunity Mr. Gandel received.
Understand the value of the various assets & you understand the value of CNP. There is no one right answer but a range given different scenarios i.e discount Australian assets by say 5% & US by say 10% then 20%, even 30%.
Regards
Buffett
PS Don't gamble here make decisions based on facts/figures. Ignore short term price fluctuations see the big picture long term if your research shows a long term.