Revaluation blow to Centro syndicate investors Abstracted from The Australian Financial Review
Revaluations have pushed the loan-to-valuation ratio on Centro Properties Group assets much higher. In late December 2008, the group announced that revaluations on two shopping centres had resulted in a 17 per cent reduction to their worth. The new 89.3 per cent loan-to-value ratio is well past the limit set by Centro's banking covenant. Meanwhile, net asset backing has dropped to $A0.28