cromwell due diligence, page-2

Centro MCS Syndicates Funds Management process update:
Cromwell granted exclusive due diligence
Centro Properties Group (Centro) announces that it has granted Cromwell Group
(Cromwell) a right to conduct exclusive due diligence around the Centro MCS
Syndicates funds management business. Any transaction remains subject to negotiation
of outstanding terms and conditions and obtaining the required consents and approvals.
Group Chief Executive Officer Robert Tsenin said that this was the appropriate next step
in the previously announced initiative by Centro to seek interest in its leading retail
syndicate platform.
The decision to grant Cromwell a period of exclusivity is a result of a detailed and
extensive process undertaken by Centro since late July that canvassed interest from a
broad spectrum of interested parties. We believe the potential transaction, should it
proceed, will continue to provide a superior service to investors, and create value for all
our stakeholders, Mr Tsenin said.
Cromwell Group is an internally managed ASX listed REIT that promotes and manages
unlisted property investments and has approximately $1.8 billion of assets under
management.
About Centro Properties Group (ASX: CNP)
Centro Properties Group specialises in the ownership, management and development of
shopping centres. Centro is Australias largest manager of retail property investment
syndicates and is a manager of direct property funds and wholesale funds which invest
in Centros quality retail properties in Australasia and the United States. For more
information, please visit centro.com.au.
For Further Information
Media: Analysts:
Andrew Scannell Adam Soffer
Corporate Communications Manager Centro Fund Manager
+61 3 8847 1890 +61 3 8847 0932
[email protected] [email protected]
Investors:
Centro Investor Services
In Australia: 1800 802 400
International: +61 3 8847 1802
[email protected]
ASX/MEDIA


From my understanding it seems as though maybe the management rights could still have some sort of value here, even though a lot of people have talked aout CNP being in negative equity, because of the complex arrangement of this whole group isnt it possible that someone could just get all the management rights to the properties even though they may still be sold off to other entities and such the management rights may actually be more valuable than the small positive equity that exists in CER??