Great news
As weve discussed before, when a distribution policy gets reinstated its most likely to come from CSF profits.
Should be a good day :-)
Cheers
CER US Loan Facility Fully Repaid
Centro Retail Trust (CER) today announced the full repayment of the outstanding loan
balance for the Galileo America LLC facility related to the Centro Shopping America Trust
(CSF) portfolio. Previously restricted cash can now flow from CSF to CER.
As at 30 June 2009, CER’s 95% share of the loan balance was US$36.3 million which has
been fully repaid utilising a combination of proceeds from assets sales and existing cash
reserves within CSF. As announced in May 2009, the paydown of this facility to below
US$50 million enabled distributions to flow from CSF to CER. The full repayment of this
loan removes the remaining restrictions that existed under this facility including the ability for
net proceeds from any future asset sales within CSF to flow from CSF to CER.
Since 1 July 2009, CER has sold seven assets in the United States as follows:
Property Name Location
Mount Houston Square1 Houston, Texas
Queen Plaza1 Southington, Connecticut
Merchants Exchange1 Marietta, Georgia
Bulloch Plaza1 Statesboro, Georgia
Springhurst Towne Center1 Louisville, Kentucky
Harvest Place2 Stevensville, Michigan
Plaza 662 Kenneth City, Florida
195% of asset held by CER outside of Super LLC with remaining 5% ownership interest of asset held by
Centro Properties Group (CNP) within Super LLC.
2100% of asset held by CER within Super LLC.
The aggregate sale amount of the assets was US$97.8 million with CER’s share being
US$93.4 million. After payment of transaction costs, net proceeds have been utilised for
debt reduction including repayment of secured property debt and the CSF facility referred to
above.
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