encouraging -three local banks r re-financing

GMG have good quality assets, and a good income stream.

So why not GMG, IMO it will happen but could be a "plan B" if "plan A" fails...

GMG is a stapled security comprising a unit in the trust and a share in the management company. GMG has three inter-linked businesses - ownership, development and management. Each is based on industrial, warehouse and business park property, with assets in Australia, New Zealand, Europe and Asia. GMG is an active recycler of capital, developing buildings for its ownership or management, generating fees at each stage of the recycling process. Earnings are well-grounded in relatively safe, annuity-style, steady growth revenue from investment property and funds management.

Announcement by ALZ today which IMO suports my view that buying at these levels GMG is a long term hold which will one day reward investors.

16 April 2009
AUSTRALAND SECURES REFINANCING APPROVALS
Australand has secured approvals from three domestic banks for a total of $350 million
which, subject to documentation and together with existing undrawn facilities, will
provide the Group with sufficient capacity to repay the $563 million CMBS facility
maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31
March 2009 was in excess of $560 million. Commitments have also been secured to
renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.
Negotiations on the remaining $50 million facility are well underway.