review of local sales

Yesterday reviewed documents regarding sale of 4 Australian properties. Whilst I don't know what the outcome will be, the following facts have me thinking:
1. 3 of the centres to be sold have CER retaining 50% interest. Why, when CER could have also offered their share as well & made the sale proposition more attractive?
2. CNP retains management rights to all centres.
3. CNP also has first right of refusal should the new buyer wish to sell later.
From a prospective buyer's point of view probably not the most attractive deal unless you are happy for joint ownership & CNP management.
Given CNP issue is an impaired balance sheet, then surely the sale by CER of their 50% stakes would have solved the problem more easily by providing close to an extra $250m. based on their book values.
Either CNP is very confident this sale can happen in this manner or they are very naive regarding potential buyers.
Given there was an potential extra $250m. sales proceeds available in theses sales had they been constructed differently, it makes me think CNP are still very confident in how they can handle their debt reduction process. If they failed on these sales the market & bankers would not be impressed & surely they would be well aware of this. I am sure the real estate agent would have pushed total sales because they would have earned more commission.
Assuming they were to realize close to book value of $1b their worries about survival would be behind them. It would then be about restructuring & reorganizing bank lending on a more long term basis.
An interesting week ahead!