real estate- the unloved sector

Article from the Australian:

http://www.theaustralian.com.au/business/aevum-retires-as-listed-property-trust-sector-grows-weary/story-e6frg8zx-1225981958050

AJA does not get a mention but the gist of the story is that smaller trusts are being wound down or absorbed into biger trusts and whole sector is trading bellow NTAs, smaller funds up 50% discount with biger somewhat better.

Main probem being refinancing as banks gety tougher.