RealEstateFlux

Centro Borrowing More Time (Update 1)

Centro’s plans to raise capital were dealt another blow this week as its agreement to sell a portfolio of U.S. retail properties was terminated. FT.com | Peter Smith | September 15, 2008 Centro, which has a large portfolio of shopping malls in the US, Australia and New Zealand, said in July it had agreed to sell 29 [...]

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Maguire Infected by Centro Syndrome?

Centro Properties Group, the Melbourne based retail operator, ran into significant financial difficulties earlier this year with the debt load it took on to acquire New Plan REIT. Now Maguire Properties may be facing a similar dynamic having taken on heavy debt to acquire the Southern California portions of the Equity Office portfolio from Blackstone. [...]

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Centro Unloads 29 of 31 US Properties at 10% Loss

Source: FT.com Centro announced it has sold 29 of the 31 properties in the Centro America Fund for $720m reports FT.com. The price struck represents a 10 per cent discount to the book value of the properties. The sale is part of a divestment strategy by the shopping mall group aimed at reducing Centro’s debt, which [...]

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Centro is Thrown a Lifeline

Source: Retail Traffic Struggling shopping center operator Centro Properties Group, one of the most high-profile victims of the credit crunch, remains afloat as its creditors this week extended the Melbourne-based listed property trust a lifeline by giving the firm a six-month extension to pay down $2.5 billion in debt. It now has until December 15 to [...]

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