From memory AEZ is at the top of Orbis' value and holdings list just now, amongst the property trusts which they have been wading into.
If this EC methodology review bears fruit, which is a reasonable expectation (otherwise why would they be conducting a review) then in a few months AEZ may be off the hook in some or all of Spain Romania and Greece. Pity there isnt spare cash around. This would be agood time to be hunting for bargains.
Its not as if AEZ cant make the interest payments, after all. If they still have 90% occupancy overall in a downturn this big, it isnt all that bad to may way of thinking.
Over here as soon as a shop in a mall becomes vacant for a month or two between tenants, an oriental rug seller moves in on cheap rent to fill the hole. Must not have them in Europe. The people at Westfield are very canny about that sort of thing. There are plenty of vendors who will rent by the week who cannot commit to long term rental contracts. Its cash flow, already....empty shops are like missing teeth in a mall. Bad for business overall.
AEZ Price at posting:
5.0¢ Sentiment: None Disclosure: Held
