Can you explain why it was proposed, and what feedback have you received from investors so far?

Pleasure to be here, Ben.

In essence, we are selling, like what you've said earlier, the mature and lower-yielding hospitality assets on a portfolio basis to our existing co-owner, namely TCCGI, at a price above both the latest independent valuations and the implied valuation from the privatization of Frasers Hospitality Trust, or FHT for short, in twenty twenty five.

TCCGI is a natural counterparty because they are the co-owners.

But we tested the market before we concluded on what's the best route to optimize this portfolio.

The starting point was the privatization I mentioned earlier.

Taking FHT private gave us far more flexibility over how the hospitality portfolio is going to be owned and structured.

When you look at the decline in ROE for property developers in general over the past decade, what is the reason for that decline? What was the single biggest factor? Was it property cooling measures, or was it some declining return on commercial property assets?

Can you explain why it was proposed and what feedback have you received from investors so far?

Pleasure to be here Ben.

In essence, we are selling, like what you've said earlier, the mature and lower-yielding hospitality assets on a portfolio basis to our existing co-owner, namely TCCGI, at a price above both the latest independent valuations and the implied valuation from the privatization of Fraser's Hospitality Trust, or FHT for short, in 2025.

TCCGI is a natural counterparty because they are the co-owners, but we tested the market before we concluded on what's the best route to optimize this portfolio.

The starting point was the privatization I mentioned earlier.

Taking FHT Private gave us far more flexibility over how the hospitality portfolio is going to be owned and structured.

We then undertook a comprehensive review of the portfolio.

When you look at the decline in ROE for property developers in general over the past decade, what is the reason for that decline? What was the single biggest factor? Was it property cooling measures or was it some declining return on commercial property assets?