Given they've sold a large property in a short time frame for 30% under book value that seems to put a floor on the property writedowns.
I've been allowing for a 30% writedown in assets across all REITs and given the LVR I figure the REITs are worth roughly 20% of the NTAs at Jun 2008 prior to this Capital raising.
Given they've sold a large property in a short time frame for...
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