Centro Properties Group is believed to be on the verge of...

Centro Properties Group is believed to be on the verge of selling passive half-interests in three of its West Australian shopping centres, with a December book value of about 420million.
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If consummated, the deal will be a crucial lifeline for Centro and chief executive Glen Rufrano as he struggles to refinance loans before a september 30 deadline.
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The asset sales-Centro Galleria, Centro Mundurah and Centro Halls Head - stem from the drawn-out process to sell down the Centro Australian wholesale Fund.
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Originally the four asset, mini CAWF portfolio - including half of Galleria and Halls Head, plus half of Centro Colonnades south of Adelaide and all of Centro Bankstown in Sydney - was marketed with a deadline for binding contracts set down for tommorrow.
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But the portfolio attracted only selective, conditional bids and industry sources yesterday indicated a shortlist process has been jettisoned and a single, domestic player was now in exclusive negotiations with Centro, advised by Jones Lang Laselle, to buy the half stakes in the three WA properties.
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An unconditional deal, at what one source described as a "surprisingly tight" blended yield of 5.8% is expected withing weeks.
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Industry speculation has focused on colonial first state, lend lease and laselle investment management, although none of these buyers could be ruled in our out yesterday.
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There is another 2 columns in the article but not worth typing out because its nothing we dont already know...
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cheers