property sell off...

TP Comment: Note - Centro has not sold any assets to date! Sloppy wording in this Sky News article imo, however it holds an interesting sentiment. - Pie
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Source: www.skynews.com.au/business

Property sell off
Updated: 08:10, Thursday April 10, 2008

More than $10 billion in office towers, shopping centres and hotels have hit the markets as the credit crisis winds its way through the struggling property sector.

Many are distressed sales from the likes of Centro, Allco and MFS, however not all are distressed assets.

Stockland, Australia's largest developer is understood to be quietly marketing four of its shopping centres worth $430 million as analysts speculate the company may be gearing up for a takeover bid.

A wave of takeovers and mergers are expected to hit the $96 billion property trust sector which is struggling in tight credit conditions.

Mirvac CEO Greg Paramour said last week the property group was planning to establish a vulture fund over the next year to buy distressed assets.

Mr Paramour denied suggestions that this property downturn was different from others, insisting problems in the sector are always caused by credit issues.


Ends.

Cheers, Pie :-)