My guess is in a near blowdown situation they could get around $10.00 per share today.
Using a 30% discount on office value and a 20% discount on retail/industrial to book NAV.
Cash and private securities, Cominar, residential:
$168.9 million equity securities (could be worth more if wait a bit)
$118 million cominar preferred (probably worth more)
$35 million cash
$186 million 300 main (assume 300 main in sellable)
$50 million cominar equity (maybe worth more)
Total: $558 million
Listed assets:
industrial: 5.7M @ $192 sq ft = $1.1 bn @ 20% discount = $880 million
retail: 1.8M @ $333 sq ft = $0.6 billion @ 20% discount = $480 million
office: 6.5M @ $276 sq ft = $1.8 billion @ 30% discount = $1.26 billion
$480 million + $880 million + $558 million + $1.26 billion = $3.178 billion total value
In these basic assumptions, there would still be just over $3 per unit left over for commons.
I'm sure that's not how a deal would materalize, but let's be honest, retail & industrial plus public securities and the Cominar note could likely be liquidated relatively easily and possibly very close or even at IFRS values in some cases. Just my 2 cents.