I suspect the clinch pay be whether the valuers take off the discounts for the panicked property market, or at least proportion of it. Are the banks lending? Interbank rates are suddenly up again. It looks like new loans would be very hard to get in Spain and Greece, but in Germany etc? There are plenty of bargains to be had, and Goodman (GMG) are about to set up a fund to go shopping for the sort of things they like in UK and Europe, for example. Its running up in London for sure. The first to recover will be A grade retail. Major centres in major cities, being bought by major investors financed by the big banks. In Lichtenstein, the banks have a total of something like US $140 (equivalent)trillion in deposits. This is where some of the unfrozen credit may come from, or be coming from. Exporters order books are filling up again in Germany and Belgium, for example, with the lower Euro. If they remove the panic discount that will be the biggest influence on AEZ net NAV. All that may be required for that is the market for retail property starting to move along again. Remember, there isnt much new space being built. If it all fails, Ive lost three cents a share, tops. Phooo, thats a worry....,or is it?
AEZ Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
