Slight correction to my earlier post...The chap was Norm Rix and...

Slight correction to my earlier post...

The chap was Norm Rix and it looks like he wasn't even given the chance to bid for Southport. The article was in the AFR, and this in a extract.

(Quote)
AFR 14th May 2008

"Management of Centro has received an offer for the purchase of Southport Centre for approximately $75 million," the document said.

"Centro now desires to enter into an agreement of sale with a potential buyer ... and to apply the proceeds of such sale to repay certain credit facilities of Centro Retail Trust and CAWF."

Yesterday, a Centro spokesman declined to comment on the details of the potential transaction, saying it had not been finalised. Its lead real estate advisor JLL's Simon Rooney, was not available for comment.

The 19,279 square metre Southport centre is about 80 kilometres south of Brisbane and is anchored by a discount department store and two supermarkets..

The 24-year-old centre was extended in 2005 to add an Aldi supermarket.

At $75 million, the sale of Southport was exactly in line with the most recent book valuation provided by the company last year, equating to a yield of about 6.25 per cent.

Private Gold Coast-based-developer Norm Rix said yesterday he had expressed interest in buying Southport last week but was not given the opportunity to bid and was told yesterday the centre had been sold by Centro.

Mr Rix's company, Rix Developments, owns substantial land and property assets in and around the Gold Coast region and was believed to have been a cash buyer for Southport.

"Whether I'd pay that price or not I don't know. However, I was never given the opportunity to even investigate the matter further. Perhaps I would've paid more.

"Apparently, there's a bit of cherry-picking going on to those in the know. I believe my money is as good as anybody's and I was never given the opportunity.

The property industry is awash with rumours about Centro's sell-down and there was speculation yesterday that the Nerang River Plaza, worth more than $50 million, might also be close to changing hands.

While 100 per cent interests in some smaller centres are being offered, Centro is believed to be offering a scaled-down version of the CAWF portfolio to institutional and offsore investors.

The scaled-down portfolio comprises half a dozen assets worth more than $1 billion, being offered as half-interests subject to continuing Centro management rights.
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