Bloombergs take:Centro's Properties Decline in Value, led by...

Bloombergs take:

Centro's Properties Decline in Value, led by U.S., Review Says
By Laura Cochrane

July 23 (Bloomberg) -- Centro Properties Group said the value of properties in many of its 28 unlisted syndicates fell, led by those invested in shopping malls in the U.S., the Australian Financial Review reported.

The net asset backing per unit for Centro MCS 36 fell 19 percent in the past year and the backing for MCS 35 declined 17.1 percent, the newspaper said, citing a letter from Gerard Condon, general manager of syndicates. Both have investments in U.S. shopping malls.

MCS 15, which owns a pair of Australian malls, dropped 10.4 percent. MCS 26, which has three Australian centers, rose 13.5 percent over the year, the Review said.

Centro plans to announce dividends for the syndicates and provide updates on their performance today, the newspaper said.

To contact the reporter for this story: Laura Cochrane in Melbourne at lcochrane3bloomberg.net.