CPI Property Group - comment

The H1 results contained no surprises; a modest €150m downward revaluation on €17bn of assets echoes recent suggestions from other RE companies that significant downward valuations are behind us. The publication of an independent report finding no fraud at CPI Property boosted bonds. Still, we expect a response from the short seller and temporary volatility when that retort drops. The conference call is on Thursday at 1000 BST; registration is required (https://edge.media-server.com/mmc/p/5vj8vceb). We will update you all after the call. 

cpipg.com/storage/app/uploads/public/66d/243/ae8/66d243ae8e55e343088501.pdf