Like everyone else in the REIT sector, asset sales would be required to keep LVR below prudent 50% in serious asset devaluation. Obviously GPT are working on the European JV to be wound down as their preferred way of reducing debt. Keep in mind the JV is $2B equity and $1.5B debt (GPT share) so it is quite low geared and gives a good debt reduction bang for your buck. ie Full sale of $3.5B portfolio would reduce debt by $3.5B bring LVR back to about 35% AFTER all assets have devalued by 20%!
It is all about prudent sales by REIT at the moment to bring gearing back to 35% look through so to be absolutely confident of buffer should property values tank. Still have to sell assets though:(
cheers
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