cnp v cer, page-7

CER is a publicly listed trust - it holds about 50% thereabouts of its own stock and CNP about 15% that I can see.

CNP has a corporate structure divided into two layers - described in the annual report - in which CNP invests into entities like shopping centers etc via intermediate funds to keep a bit of distance between themselves and the investment. This is where the $26 billion dollars comes from.

There are $26Bn dollars under CNP management through various vehicles including CER. But they are not exposed to risk on the whole $26Bn

CNP have approximately 25% exposure to these investments.

Basically they have 50% exposure to Diversified funds that then have 50% exposure to Ownership funds that actually own the entity.

Other parties invest into the Diversified Funds and the Ownership Funds.

CER and CSF are centro's two listed funds. They were merged a month or so back to form a single listed entity CER


It's all in the annual report that I presume every one has read

Two Tier Ownership Structure
Centro prefers co-ownership of its retail property assets through a
two tier ownership structure where Centro effectively owns 50% of
a diversifi ed fund (e.g. Direct Property Fund, Direct Property Fund
International) which in turn owns 50% of an ownership fund (e.g.
Centro MCS Syndicates, Listed Funds, Wholesale Funds) which own
the underlying retail property asset fi nanced by both equity and debt.
Therefore through the two tier structure, Centro has an effective 25%
equity ownership in the underlying retail property assets. Through
Centro’s 50% co-investment in each tier of the business model,
Centro effectively retains its ownership interest and management


With the risk associated with this one for anyone considering a medium term hold

"Read The Bloody Annual Report and All Press Releases".


mmmm probably get banned for the previous....