sp of cer pre the scott us purchase., page-4

Interesting to note also, the weighted avg cap rate on the Aust portfolio back in June 2007 was 5.84%! See page 5 of below announcement

http://www.asx.com.au/asxpdf/20070807/pdf/313v64hkcyw66h.pdf


Cap rates are now 7.5% so that's a 23% blowout in cap rates (1 - (5.84/7.5).

However, this should improve once going concern risk is officially recognised by the auditors as a non-issue post the settlement of the US sale.

Also, interest rates are much lower than they were in June 2007 so there should be more incentive to invest in good quality commercial property and accept lower cap rates as opposed to 4 years ago.

Occupancy rates remain the same and so does rental growth.

Cheers