Centro flags sale of service business to stay afloat
Abstracted from The Australian Financial Review
There is speculation Australian shopping centre group Centro Properties is considering selling CPT Manager as it tries to secure the long-term support of its lenders. The services business oversees the everyday operations of Centro's $A26bn portfolio of shopping centres as well as managing its funds. It is believed Julius Colman, who sold MCS Property to Centro, is interested in acquiring CPT Manager in partnership with the founder of Hastings Funds Management, Mike Fitzpatrick, and The Myer Family Company. Analysts noted that a sale of the services business would significantly simplify Centro's structure
