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Centro Retail repays $40m US loan facility
From: AAP October 09, 2009 10:28AM Increase Text SizeDecrease Text SizePrintEmail Share
Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these?CENTRO Retail Trust, which nearly collapsed under its debt last year, says it has fully repaid $US36.3 million ($40.06 million) in a loan facility.

The facility, known as Galileo America LLC, related to the Centro Shopping America Trust (CSF) portfolio and its repayment allows previously restricted cash to flow from CSF to Centro Retail, the Melbourne-based property trust said.

Centro Retail said it had been able to pay down the loan with a combination of asset sales and cash reserves within CSF.

The trust also said it had sold seven properties in the US since July 1, with Centro Retail's share of the proceeds totalling $US93.4 million.

After repaying transaction costs, net proceeds were used for other debt reduction including the already mentioned loan and other secured property debt.