Ann: Announces Sale of Northbridge, WA , page-41

yield has raised a very important issue,lvr ratio and it seems fin.instos are reducing lvr ensuring greater equity is held,it is also interesting that yield is a generalist and in that respect i dont disagree that sectors of commercial r/e are under threat from lvr rerating, market conditions,difficulty in raising finance etc,however in stating all this it might also be suggested that the expertise of macquarie are equal to or better than,so i am equally certain that unlike funds such as vpg or sbm if thats a case in point,centro etc that macquarie are well aware of any associated risk and damage control is well under way,mof in terms of capital raisings is better managed with no recourse debt associated with the fund that i am aware of,in every case
where companys or funds are in trouble they have significant levels of second tier debt which they are unable to refinance,
given yield has no exposure to the shares or indeed any shares,i am sure fixed interest with capital guarantee is more suitable as an investment for yield.
generalists are never wrong and i guess that provides a great deal of satisfaction to those individuals,traders and investors are regularly wrong and will admit their errors and hopefully learn,but when we get it right yield is the reward we get,at the end of the day i think the ppl at macquarie are much smarter than me,the entity has been around for much longer than my 54years and i am equally certain it will be around long after i am gone,so i am happy to trust macquarie.
i hope yield that one day you move from a desk to an office,life is full of risk,and some of us are prepared to accept the challenge.
my valuations are well below all analysts ,any profit incentive is based on my own conclusions,current dividends
might not be maintained,all these issues have been factored in,and i am still prepared to buy more,why, i believe the model they have and the actions undertaken to mitigate risk,provide significant upside with little risk beyond dismantling the fund and providing a capital return which would be significantly higher than the current sp.

so yield is our game,and a diversity of outlook is the purpose of this forum