If I had $100 million worth of land backed by long term leases at cap rates of 7,8,9% with a company with a market cap of substantially less than that with a question mark over ability to service those leases, would I be a purchaser?
Re Gunns, it is obvious they were caught out by the capital raise. Selling down does not surprise me.
If I had $100 million worth of land backed by long term leases...
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