asset sales to reduce leverage, page-8

If you sell an asset at more than the gearing ratio, I think that reduces your gearing ratio.
3 assets
100
100
100

ratio 65%
loan 195
sell one for 70

assets = 200
loan 125

gearing ratio 125/200 = 62.5%

also need to take into account income as well however, as individual assets sales may have an effect on interest cover different to gearing ratio