URW is delisting from the ASX. Currently a CDI rather than ordinary share where 20 CDIs represent one stapled share on the Euronext exchange. I'll be selling because of the complexity to move but I was nearing the point of the thesis having played out anyway. I believe there is another 25% or so of value to go but this will take time to be realised. Happy with my total return of 12.6% CAGR for a reasonably stable asset.

Overall, I learnt the follow from holding URW:

• Management having an "owner operator" mentality is a must. During COVID the previous management wanted to listen to the investment banks and issue equity at depressed prices. The old owners came back into the picture said this was the wrong approach and were able to ensure the capital raising was voted down at the EGM. Next month the company issues two tranches of bonds, one for 6 years 5 months @ 0.625% and another for 11 years @ 1.375%, the amount.... 1 billion Euros each and oversubscribed by 3 times! So much for a liquidity crisis!! The right capital structure can make a stark difference to your returns as a shareholder. The issuing of equity would have doubled the shares on issue from memory and ensured that my returns would have been even at best. I was very lucky the old owners came back and won the fight with management!
• The importance of cash flow, liquidity and a strong balance sheet. This relates to the above comment. At the time it was clear the company had the required liquidity and cash flow to get through a couple years, enough to wait for the reopening. Having the liquidity on the balance sheet saved URW from requiring a highly dilutive capital raising at its darkest hour.
• Always hold the highest quality assets. The reason URW recovered in my opinion is because their shopping centres were generally (more so in Europe than US) the highest quality large shopping centres around and were more than just your local shops but an attraction as well.
• Back up the truck if there is a good deal on offer. Market can be wrong.
• If someone tells you something is "dead" they are normally generalising too much, especially in the short term. Yes, behaviour will change over time but there are normally important nuances to understand, that is where the potential gains come from. When I bought URW, shopping centres were "dead" and were going to be ghost towns as we were all locked up and ordering online. This is view lacked nuances such as:
• The human interaction and experience of going to a large shopping centre is vastly different experience to purchasing an item online. Some people go to the shops to meet with friends and shop together or even just to be in the free air conditioning!
• The physical need for items today or the ability to "touch and feel" items which you can't do online.
• It is not cheap to advertise online because other companies are competing with you to get the eyeballs (Google tax!), it is hard to get your brand name out there in that environment. A physical presence at a shopping centre is like a giant advertisement to get your brand name out there. I would guess consumers are more connected to brands they can psychically interact with compared to online brands.