...Centro Retail Trust (CER) today announced the full repayment of the outstanding loan balance for the Galileo America LLC facility related to the Centro Shopping America Trust (CSF) portfolio. Previously restricted cash can now flow from CSF to CER. As at 30 June 2009, CER’s 95% share of the loan balance was US$36.3 million which has been fully repaid utilising a combination of proceeds from assets sales and existing cash reserves within CSF. As announced in May 2009, the paydown of this facility to below US$50 million enabled distributions to flow from CSF to CER. The full repayment of this loan removes the remaining restrictions that existed under this facility including the ability for net proceeds from any future asset sales within CSF to flow from CSF to CER.
