I still am holding UL but with a foot half out the door. The...

I still am holding UL but with a foot half out the door. The debt load is pretty staggering so I think the increase in their cost of capital will offset the synergies etc. I wonder if they too have been a victim of having a whole pile of shareholders that don’t want the shares.

I still really like the properties and I have a relatively low exposure to property overall which was the wfd attraction. I felt that no matter what the properties like Hollywood Boulevard, world trade centre, London etc will alsways be appealing in good and bad times.

It’s a typical ‘avoid’ for late cycle rising interest rates though with high debt, property exposure etc, but I’ll be interested to see earnings and synergies over the next couple of years before jumping out I think.