centro teeters as no buyer found for bankstown, page-25

part of an article(google search for the rest of it)
it doesn't look like they are panicking!


But in a letter to investors, Centro said the sale of one of its major properties, Centro Bankstown in western Sydney, would not go ahead because no satisfactory offers had been received.

The news pushed its shares, which are down about 90 percent this since December, down another 10 percent to a record low of A$0.135.

Bankstown, which analysts valued at around A$300 million, was one of several Australian malls that Centro is trying to sell with a combined value of over A$1.4 billion.

Analysts said that any large property transactions would be difficult at present because of tight credit conditions.

"It's certainly not limited to Centro, any sizeable asset is going to be difficult to move in this environment," said fund manager Stephen Hiscock at boutique fund S.G. Hiscock & Co.

Centro was not immediately available to comment on Tuesday because executives were on a roadshow with local investors. Centro and its affiliates have already had several extensions from bankers. Current agreements with U.S. bankers are due to expire on Sept. 30 and with Australian bankers on Dec. 15.

Hiscock said he thought the banks would remain patient.

"They do have the short-term support of the banks, which allows them not to feel they are forced to take a fire sale price. The banks are being sensible and if there is no material asset sale progress, it doesn't neccessarily mean they will pull the pin," Hiscock said.