2009-10-24 cer weekend analysis, page-14

Hi All,

Being from the Sydney suburbs, I also know Roselands, Bankstown and Warriewood centres well since I have frquented all of them at times.

As far as Managing shopping centres goes, I believe from what I saw (and also media coverage) that there is actually a consensus that Centro does in fact know what it is doing as both a fund manager and shopping centre manager. I have never really heard anything loud and clear to the contrary.

Needless to say, with literally hundreds of shopping centres here and in the US of A, it;'s a tough call to say that all of these centres are managed badly or are in a poor state of repair.

As investors what we have to go on is the Financials and associated reports.....ie increased revenue, profit, signing of new leases and regular renovation and asset improvement programs. That's really how I tick the boxes in light of my inability to jet set around the globe to visits hundreds of shopping centres irrespective of the economic climate.

One more thing I would like to add, Centro shopping centres are where you buy things not high heel pumps so to speak, Centro is not a Westfield. Newer has been and never will be. If you want double-glazed glass and designer label shoes and handbags, then you don't go to Centro Roselands.

PS: One final thing I will say, the toilets at Westfield are equally as filthy (if not more so) that any toilet I have seen in a Centro shopping centre or anywhere else.....horses for courses.....

Cheers and good luck!