ann out, page-2

15 July 2008
Centro Announces Agreement to Sell CAF
Portfolio
Centro Properties Group (Centro) today announced that it has entered into an agreement to
sell 29 of the 31 properties in the Centro America Fund (“CAF”), a wholesale fund managed
by the Centro group, to a private real estate investment advisor. Centro’s direct interest in
CAF is 46.65%, excluding Centro's holding in the Centro Direct Property Funds.
The 29 properties aggregate 5.1 million square feet and span 15 states. The agreement
excludes CAF’s partial share of Independence Mall, located in Wilmington, North Carolina,
and Elk Park Center, located in Elk River, Minnesota, which will continue to be held by the
fund. In connection with the sale, Centro will provide management and leasing services for
the 29 assets for a minimum of one year in exchange for market fees.
The contract price of US$714 million represents a 10% discount to previous book value.
Centro expects to use the net proceeds to pay down outstanding indebtedness. The
agreement has been approved by CAF’s investors and is subject to certain closing
conditions, including a due diligence period and lender consent, and there can be no
assurance that the transaction will be consummated. Settlement is scheduled to occur in
late September to October 2008.
“As we have previously advised, the sale of the CAF portfolio is a key step in providing
liquidity to our balance sheet,” said Glenn J. Rufrano, Centro’s Chief Executive Officer.
About Centro Properties Group (ASX: CNP)
Centro Properties Group specialises in the ownership, management and development of
shopping centres. Centro is Australia’s largest manager of retail property investment
syndicates and is a manager of direct property funds and wholesale funds which invest in
Centro’s quality retail properties in Australasia and the United States. For more information,
please visit www.centro.com.au.
For further information
Media: Investors:
Jim Kelly Centro Investor Services
FD Third Person In Australia: 1800 802 400
+ 61 2 8298 6100 International: +61 3 8847 1802
[email protected] [email protected]