Its all about raising money for Barangaroo without diluting down the head stock. I actually like the idea because there is absolutely NO financial rationale for holding property with zero debt in Australia right now, given the cheap financing cost that is available. Much better to put these properties into a REIT that can be geared to 40% and access the equity thereafter. As I said, it saves diluting down the headline stock with a rights issue or even a placement.
CWN Price at posting:
$10.92 Sentiment: Buy Disclosure: Not Held
