Source: www.bloomberg.com
Australia Funds to Sell A$5.5 Billion Property, Australian Say
By Garfield Reynolds
Aug. 7 (Bloomberg) -- Centro Properties Group is among managers of Australian direct real estate funds that may seek to sell more than A$5.5 billion ($5 billion) of assets through 2010, the Australian newspaper said.
The properties are held by so-called syndicates whose term will expire by the end of 2010, meaning managers must either gain investor approval to extend the funds or wind them up and sell the assets, the newspaper reported, without saying where it got the information. The funds mostly own smaller properties and have been popular with retail investors, the Australian said.
Syndicates that are terminated may find it hard to exit the real estate assets because companies are already seeking to sell as much as A$20 billion of Australian property to pay down debt amid the global credit crunch, the Australian said.
To contact the reporter for this story: Garfield Reynolds in Sydney at [email protected]
Ends.
Cheers, Pie :)
- Forums
- ASX - By Stock
- CNP
- aust. funds to sell 5.5b dollars of property
aust. funds to sell 5.5b dollars of property
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CNP (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, CEO
Anthony Noble
CEO
SPONSORED BY The Market Online