Sharechat Logo

Centro Properties sells shopping malls in NZ, Australia

Friday 19th September 2008

Text too small?
Centro Properties Group, whose shares have slumped almost 100% in the past year, said its managed funds sold shopping malls in Australia and New Zealand to raise A$157.5 million.

The Australia property investment group is trying to extend the term of some US$3.4 billion if debt after talks collapsed to sell assets in the U.S. The stock jumped 14% to 8.8 cents today.

Centro Retail Trust sold the Meadowlands Shopping Centre in Howick and Barrington Shopping Centre in Christchurch for a combined NZ$49.9 million, a 1% discount to the June 30 book value, it said in a statement. Centro Retail and Centro Australia Wholesale Fund also agreed to sell their stake in Centro Southport, a mall on the Gold Coast of Queensland, for A$68 million, a 9.9% discount to book value.

Another unit, Centro MCS, sold Adelaide Central Carpark and Charles Street Plaza for A$47.69 million, a 3.9% discount.

"We are pleased with these outcomes in difficult market conditions," said chief executive Glenn Rufrano. The group is considering more assets sales, he said.

The group which owns about A$24 billion of shopping malls worldwide ended talks this week with a private equity group to acquire properties in the U.S. for US$714 million. Its stock has declined 98.98% this year, tumbling since December, when the company announced difficulties repaying debt.

In May, Centro gained a four-month extension on payment of US$1.1 billion of loans and a seven-month extension on about A$3 billion.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report