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Real-Money Stock Picks / Jim Royal


Subject:  Re: NRE Date:  12/1/2018  12:38 PM
Author:  TMFRoyal Number:  4347 of 4999

They've specified that if no deal is reached by April 30, 2019, they'll move ahead with the internalization. CLNY has made it concrete the pound of flesh they want from any separation, so a reasonable buyer could say "Here's NAV of $20.50 less the $70 mn fee." So I think the question a buyer would have is whether the assets are worth their marks or perhaps even more. It looks like high-quality property and they've done as well as or better than their marks in prior sales. And this is not a big swallow for anyone. I don't think it's too small to be public, but they need a price near NAV to do deals. I guess CLNY is not interested in owning it directly. Anyway, something is about to happen.

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