Kwam Solutions must raise €120 million. Kwam has two primary sources of liquidity:

€60 million of marketable securities (which can be sold with minimal liquidation/

brokerage costs) and €30 million of bonds (which can be sold with 3% liquidation costs). Kwam can sell some or all of either of these portfolios. Kwam has a secondary source of liquidity, which would be to sell a large piece of real estate valued at

€70 million (which would incur 10% liquidation costs). If Kwam sells the real estate, it must be sold entirely. (A fractional sale is not possible.) What is the lowest cost strategy for raising the needed €120 million?

A. Sell €60 million of the marketable securities, €30 million of the bonds, and €34.3 million of the real estate property.
B. Sell the real estate property and €50 million of the marketable securities.
C. Sell the real estate property and €57 million of the marketable securities.