egoli.com.au/news/post/MCW-writes-down-portfolio-8925.a -
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Last Visited: 8/10/2009
Macquarie CountryWide Trust's CEO, Steven Sewell said the sale, including the recently announced sale of a US joint venture interest to GRI, was a part of strategy to pay down debt.
"Over the last 18 months, the Trust has completed or contracted to sell A$2.33 billion of assets from the portfolio," Mr Sewell said.
Our aim going forward is to deliver consistent and sustainable long-term growth for investors from our portfolio of quality grocery-anchored shopping centre properties owned predominantly in Australia and New Zealand," Mr Sewell said.
On completion of these sales, the Trust would repay or eliminate $1.8 billion of property-level debt, Mr Sewell said.