Access to funding -- particularly debt -- is the single largest challenge still facing the Australian property market, says Roberto Fitzgerald, executive director, International & Capital Markets of the Property Council of Australia. That is one reason -- out of several -- why Australian REITs are scaling back their activities and returning to a "back to basics" approach to investing, he says. Earlier patterns such as aggressive geographic expansion proved to be too risky in some cases. "No one is rushing into new acquisitions. Instead REITs are focusing on quality, and sound and predictable cash flows," he says.
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