Hi govrinteresting that you looked at the individual MCS...

Hi govr
interesting that you looked at the individual MCS syndicates.
As well as holding a good size parcel of CERs I am an investor in approx 10 x MCS syndicates which each own indivual or small groups of shopping centres (which I believe make up some of CERs portfolio) and Centro Group manage as RE.
Not all syndicates are the same, some still have low LVRs despite writedowns, others are nearly basket cases, and Cenro generally have holdings in each.
I have invested since mid 90s prior to Centro buying out the original MCS group(julius Coleman group)
As you picked up, the earlier syndicates were generally very good but things started to go pear shaped when Centro brought out MCS.From then on gearing & valuations were ramped up (more fees) and it appeared as though the emphasis and proces became less transparent and more process orientated towards centro's needs rather than the unit holders (surprise, surprise).
In later years CEO Scott used his position to push for increased syndicate borrowings at syndicate meetings. He said to use extra leverage was to buy other Cetro investments (which was outside the original syndicate guidelienes, and usually resulted in ramping up LVRs from 30-40% to 60+% on Centros then high valuations) but appears that additional borrowings were used to pay fees as well and of course we now see the results.
Hedging is also an issue with some of these syndicates and it has been interesting reading the HC forum on these.
Keep up the good work, much appreciated