ALLCO has raised the white flag on its troubled Record Realty Trust, tossing up between a massive $2.1 billion of asset sales or a full-scale disposal of the whole trust.

'Earlier this month, The Australian reported that more than $5 billion of commercial property was on the sales block. That was the "tip of the iceberg", according to one senior industry figure. Further distressed assets similar to those of Centro, MFS and City Pacific could flow on to the market while Australia's $80billion listed property trust sector is also likely to sell holdings to reduce debt.'