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"Goldman had been seeking a buyer for the entire REIT, but some bidders, including Axa and Schroders, have proposed acquiring its properties."

Is there some baggage tucked away inside NRE that makes it unattractive as a full entity?

Is the debt ($660MM) poorly written? It seems as though the bidders want to buy the buildings and let NRE deal with paying off the debt. And yet, we also read that NRE has an attractive set of assets and is undervalued as a whole.

There has to be something in there that smells?
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