CEO's Report Continued
Implementing our property management strategy
During the year we have progressed initiatives to implement our internal property management model, which we believe will give us greater connectivity with our tenants and the ability to create greater value:
- We completed the integration of our full service property management model in the Australian office portfolio in May 2009, offering our tenants a market leading service capability. In our Australian industrial portfolio we are progressing the implementation of the model, which is due to complete this financial year
- We commenced a $600 million sales program of select non-core properties in Australia, North America and Europe consistent with our concentrated portfolio strategy to reposition the international portfolio and enable the implementation of our property management model. Twelve properties have been sold in Australia, and one property has been contracted for sale in Germany for a total of $96 million