Aviiid was due to launch its first fund, the Australian Fund No 1, in April. However, it is now more likely to take place in the third quarter of this year. "Late last year, we were in discussions with asset sellers and we thought the phones would be ringing off the hook with distressed sellers - that didn't happen," Aviiid managing director Scott Marinchek said.
"There have been no major portfolio sales of retirement assets."
Marinchek said prices had not dropped as far as expected because banks did not call in their loans based on the hope property managers would be able to pick themselves up after the global financial crisis.
"Basically, it just means we couldn't get the price we wanted," he said.
==
==
