Source: www.bloomberg.comAustralia Funds to Sell A$5.5 Billion...

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 :)