ubs in deep, page-3

Funds and foreigners chase value in trusts
Source - The Australian Financial Review

The fall in the Australian listed property trust sector is providing opportunities for mergers and acquisitions. The sector fell by 11.4 per cent in mid-December 2007 due to the refinancing problems of Centro Properties Group. UBS and its funds have acquired 8.6 per cent of Centro. It is thought that hedge funds have also invested in Centro. However, an ambit claim by the Australian Taxation Office is also likely. Meanwhile, Dubai-based developer, Nakheel Properties, has bought a 6.5 per cent stake in Mirvac Group