marketplace at flower mound sold , page-9

I urge all those who have a vested interest in CER to contact SMH, The Age etc and have this story announced to the ASX or in the media.

See the email I sent below to the Herald Sun just now.

Cheers

........................................................


Hi Herald Sun ,

Please refer to the attached announcement made by CER on its website. This was not announced to the ASX.

http://www.centro.com.au/Investment+Products/Centro+Retail+Trust/News+and+Reports/Announcements+and+Releases/

Centro Retail Trust successfully sold another two properties for $26.6m.

If you refer to CER announcement on 14 Sep 07, Pg 206 of 371, it shows that the properties were valued as follows:

- Marketplace at Flower Mound - $16.2m - Valuation June 2007

- Greatwoods Marketplace - $15.4m - Valuation June 2007

Total valuation: US$31.6m

Since this time, valuations of the individual properties within the CSF portfolio have not been reported. Instead, a valuation given to the total CSF portfolio is reported.

It is fair to assume that June 2007 saw the peak or near the peak of the commercial property market in the US. CER started writing down its properties aggressively from Dec 2007.

The total sale of the properties according to the Centro ann was US$26.6m

Valuation at june 2007: $26.6m
Sale price of properties: $31.6m

Discount to June 2007 valuation: 15.8%

I dont know what the properties were valued at Dec 08 but to sell two US commercial properties at a 15.8% discount to June 2007 valuations is quite a formidable outcome.

While other REITs are going to the market to raise equity to pay down debt, CER is successfully doing so by selling US properties.