This conservative property group that generally owns government tenanted buildings yesterday launched a bid in partnership with HostPlus to buy pub group ALE Property Group (LEP) at a huge 53% premium to their last stated net asset value. Obviously pubs are mostly closed however if things go back to normal and they start to collect rents as usual, the proposed purchase is on a yield of 4.8%, simply another example of the weight of money sitting on the sidelines for long life assets.
MM is neutral CLW around $5.10
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