ann out caf sold, page-8

Well, only 29 of the 31 properties have been sold. Two properties remain in the fund.

We can only assume that the remaining two properties account for some of the difference between $1bn (i.e. $1.1bn book minus 10%) and the actual selling price.

CNP and DPFI combined own 90% of the CAF and it's unclear whether the $714m represents the Centro 'group' portion or not. This may also account for the difference.

Centro retain management rights on the properties for at least 1 year, which is good news.

If the 4 CAWF properties (detail of which were leaked a couple of weeks ago) are sold at book, this will mean a combined $1.874bn of debt will be repaid in the next few months. If the rest of CAWF goes as well, we're looking at closer to $3.3bn of debt repaid.

To the credit of Centro, they have stuck to the plan - sell CAF and sell CAWF.

This has made my day / week / month.