Colonial makes Centro bidTOP News * Share market faces more...

Colonial makes Centro bid
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Survival of the fattest

CFS Retail Property Trust, a subsidiary of Colonial First State, aims to take a $300 million, 50 per cent stake of Centro's Galleria shopping centre in Western Australia, The Australian newspaper reports.

The newspaper said that the company was recognised as a contender on Thursday, when prospective buyers were required to place their initial bids.

Centro, which is making a number of sales to meet debt obligations, will keep a half-share in Galleria in order to keep management rights.

CFS Retail Property Trust owns 25 assets and is one of the nation's largest shopping centre holders. Its portfolio includes Melbourne's Chadstone and Sydney's Chatwood Chase.