1) other 50 per cent is owned by Brookfield Multiplex2) Was...

1) other 50 per cent is owned by Brookfield Multiplex
2) Was $300M the offer price, or what Allco was asking?

I may well have NFI but see ...


http://business.smh.com.au/business/world-square-offers-too-low-20080611-2p4h.html

World Square offers too low

* Carolyn Cummins
* June 12, 2008
*

"THE beleaguered Allco Finance Group's sale of its half-share in the World Square office block, worth about $300 million, appears to have hit a brick wall, with the prices being offered considered too low.

...

A value of about 6.75 per cent return was said to have been offered by Brisbane's Cromwell Group for Allco's half-share in the World Square tower, but it was deemed too low by the vendor.

...

Cromwell's managing director, Paul Weightman, declined to comment on the sale recently but has said his group is cashed up and looking to take advantage of the current market, where prices are barely matching book value.

The regional director of CB Richard Ellis, Robert Sewell, whose group is selling the World Square site, said there had been a number of interested parties but market value had shifted.

"We are seeing some activity coming back and these groups who are making the offers are at book value. But the higher-quality assets have a discount to these book values - which are at last year's levels," Mr Sewell said.

...

Another drawback of the World Square sale is that the other 50 per cent is owned by Brookfield Multiplex, which is not a keen seller."

I haven't checked up what 6.75% return equates to, but it appears to me from the article that $300M was NOT the offer, but perhaps what Allco believes property is worth (or what they are trying to get)