.
Centro Retail Australia Limited (ASX:CRF) has sold half-ownership stakes in three of its Australian shopping centres for $690.4 million to Perth-based Perron Group.
Following a strategic review Centro last month flagged the potential sales of 50 per cent stakes in the Galleria in Perth, The Glen in Melbourne and Colonnades in Adelaide.
Centro and Perron have now inked unconditional contracts which will see Centro provide property management, development and leasing services as part of the co-ownership arrangement.
The proceeds will be put to reducing Centro's debt and reinvesting into growth opportunities.
Shares in Centro gained 0.53 per cent yesterday, closing at $1.90.
