centro nears sale of 1.2 billion dollars ...

Source: www.bloomberg.com

Centro Nears Sale of A$1.2 Billion of U.S. Malls, Review Says
By Garfield Reynolds

May 29 (Bloomberg) -- Centro Properties Group is close to selling A$1.2 billion ($1.16 billion) of U.S. shopping malls, as the company prepares to sign an accord with creditors, the Australian Financial Review reported, without saying where it obtained the information.

Centro, based in Melbourne, is in talks with a single party to sell 95 percent of the Centro America Fund, which holds shopping centers Centro acquired in 2006 when it bought Heritage Property Investment Trust, the Review said.

Centro could clear A$300 million from the sale, which is being managed by Lazard Ltd., the newspaper said. The company also may sell some of the assets held by the Centro Australia Wholesale Fund, which are being marketed by Jones Lang LaSalle Inc., the Review reported. Jim Kelly, a spokesman for Centro, didn't immediately return a call from Bloomberg seeking comment.

Centro on May 8 won an extension on debts of as much as A$6.6 billion. The debt extension was conditional on Centro completing A$155 million of new borrowing accords and reaching agreement on creditor accords by May 30, according to a May 8 statement by the company to the Australian stock exchange.


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