DXS +1.18%: Completed external revaluations on 175 of their 182 assets, comprising 32 office properties and 143 industrial properties with the draft results showing a decline of 6% for the 6 months to June 30, which is well short of the 30% fall implied by its current price-to-book discount. Office assets were cut 7.7% to around $11.5bn while Industrial assets saw a more tepid re-rate lower. Not great but a better result than many thought we suspect.
MM remains long & bullish DXS in our Income Portfolio
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