i dont get it, page-11

problem with them is this - all the assets are owned by a series of investors, including centro itself, wholesale funds managed by centro, retail funds managed by centro, and the likes of centro retail trust (a separate legal entity).

There is gearing at all of these levels. There are different owners at each level, and each property has co-ownership agreements which set out how properties are to be managed, sold, etc.

This was set up as protection to stop other players taking assets and management rights away from centro. Now it is biting them, as trying to unwind this would be a nightmare, and i expect that would be scaring potential suitors (eg. who wants to buy a 20% share of a property with other owners who may have different ideas about how to run the centre).

Very messy.