Pay your rent and I'll give you the house, with Ike Udechuku

When you have a contract like ours, in which you gently transfer the value of the property to the tenant, there is no capital gain or very limited capital gains. So now the yield differentials are stark: why is it that you can get 30 million pounds per billion invested over and over again, in London and 100 in Middlesbrough, compared to 30 over and over again for two human generations?

I don't think those portfolios are worth the same. I don't think ordinary people (if you took the capital gain away) would say, well, I'm quite comfortable getting 100 in Middlesborough and selling that and getting 30 in London, over and over again for two human generations.

Those properties are not the same. The one throwing out 100 million is worth more. It just is. And people look at you blankly and say how can a an apartment in Middlesborough be worth more than you can buy and sell an apartment and Middlesborough? The answer is, well, it's not, the apartment is completely perfectly priced but 10,000 apartments where the rent is commingled and you've broken that asset into two economic units, one which wobbles around and one which is stable, one is a bond and one is equity, and if you separate them out until the equity, it's like, I'm an M&A banker, right? Broken up companies and sold them in pieces. And the two pieces don't add up to the whole, they just don't.

When you then take the rent and tranche it and this is a repeat of the theme, it take a little bit of time to absorb the simplicity of it.