Thanks for your thoughts Beagle. Wise words, but a little harsh I feel as most of the properties have been recently added. Offer costs have sucked cash and hopefully will slow down now. The average age of the portfolio is maybe two years. Overall the older buildings have increased in valuation and rent. Alderman Drive for example the bought for 7.4 in 2016 and it is now valued at 10.3. Farmers in Whangarei is up 27% in a couple of years and the rent is up a similar amount. They have had a couple of misses as well. Two years in Kelston Mall has been value destructive at this stage. Will their plan work? If they lose Countdown (there are several in the area) things will get messy. Vickery Street only has a year or so on the lease. I am also very wary of their short term funding and leverage. If the property market does go tits up the listed sector has a long way to fall, my estimates are that this fund is actually slightly safer and offers a higher yield. Liquidity will be an issue though, with listed you can get out, it is just that you could lose 60% along the way.