asx release, page-25

Taken from Centro's homepage

CER is a pure retail property ownership fund which derives 100% of its earnings from rental income from retail property investments in Australasia and the United States. CER's portfolio value is $10.1 billion. With $2.7 billion debt to be cleared.


Centro is a stapled security listed on the Australian Securities Exchange, specialising in the ownership, management and development of shopping centres in Australasia and the United States, as well as managing unlisted investment funds. Centro has funds under management of $26.6 billion. with only $1.2 billion.

I know I am bad in maths, but from where I am standing, it looks like CER = 26% asset in debt, compared to CNP = 4.5% asset in debt. So anyone want to point out how is it that CER is a better investment compare to CNP?