Subject: Re: Any thoughts on UK real estate?
Agree.

I've also been nibbling on B&M value retail as the price to free cashflow is attractive, balance sheet is OK and they're growing sales with further store openings, margins have been under pressure somewhat, however it's a bit like DG in the US where if the price is attractive enough it's worth taking a view over the medium term.

They're the best managed outfit in the value retail space in the UK as far as im concerned. I go there regularly to have a look and preder them to Poundland and the Range. They also tend to have stores in good positions in most towns on arterial routes and with free parking which is critical in the UK.