centro demoralised by lowball syndicate offer

Centro demoralised by low-ball syndicate offers
Abstracted from The Australian
www.businessspectator.com.au


Centro Properties Group has received low offers for the assets of one of its syndicates. It had planned to sell the five shopping centres held by MCS 9 syndicate. The portfolio was valued at $A295 million as at 30 June 2008. However, the offers were between 15.5 per cent and 31.4 per cent lower than the valuations, which would have created a loss of nearly $A65 million. The group's bankers require some sales, so Centro has recommended to shareholders that two centres be sold, for a loss of $A15.1 million


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