Interesting idea. I think the key risk to consider is that Dublin has one of the largest office supply pipelines in Europe. The question is whether vacancy goes to 10% - 12% and rents fall 5% - 10% like management thinks or whether vacancy goes to 15% - 20% like the GFC and rents fall 30% - 40%... That being said, thinking about it in your framework of forced purchasers and someone buying this due to its relative value to other European office REITs - I can see that. Kennedy Wilson, Blackstone, German capital - I could see all of them making a bid for this. How did you get to your estimate of the tax leakage on delisting?
Interesting idea. I think the key risk to consider is that Dublin has one of the largest office supply pipelines in Europe. The question is whether vacancy goes to 10% - 12% and rents fall 5% - 10% like management thinks or whether vacancy goes to 15% - 20% like the GFC and rents fall 30% - 40%... That being said, thinking about it in your framework of forced purchasers and someone buying this due to its relative value to other European office REITs - I can see that. Kennedy Wilson, Blackstone, German capital - I could see all of them making a bid for this. How did you get to your estimate of the tax leakage on delisting?