rumour of asset sales, page-17

Adel,

They gave us a lot of information, which I'd say they would give to anyone who showed a credible interest in the centres. One may have to try a little harder now word is out though.

Centro could have around $5bn of assets in the market currently so it is difficult for anything of this magnitude to be kept quiet.

It appears they have decoupled some properties from CAWF and these are being sold separately. This is certainly in keeping with the recent comments from Glenn. Where CER owns part of the property with CAWF, it would benefit both if the property was sold as a whole and would probably be more attractive to a buyer that way.

It wouldn't surprise me if CAF was going the same way and I am hoping we will get an update on this (as promised by the recent ann) by early June. I don't base this on anything other than gut feel though. CAF properties will probably have to be sold at discount to book, and we are estimating 10% as a reasonable number here.