Pretty positive announcement, definitely ticks a few boxes.

Just need some good leasing outcomes.

8/8/23:

This looks cheap but the market hates everything about it.

It's office focused, it's Perth focused, it's relatively concentrated in terms of asset exposures & it produces lumpy cashflows.

Most of the value is in 3-4 A grade office buildings, a few of which have just been completed and are starting to fill up now.

I'm going to wait for FY23 results to come out to do a proper analysis, but this is the kind of dumpster diving that gets me out of bed in the morning.

I reckon NTA will come out around $1.10 in the FY results.

That's obviously not what I think the present value of the future cashflows are going to be worth but will be interesting start point.

Most of the current valuations use discount rates which are above the marginal cost of debt, although they do seem on the high side on psqm basis.

More to come.