17 October 2008 Appointment of Non-executive Director Centro Retail Trust (CER) announced today that its Boards of Directors have appointed Avin Lieberman as a non-executive Director of each of Centro Retail Limited and Centro MCS Manager Limited (Responsible Entity), effective today. As a Director of the Responsible Entity, Mr Lieberman will, in addition to his responsibilities with CER, represent investors for Centro Direct Property Fund (DPF), Centro Direct Property Fund International (DPFI), Centro America Fund (CAF) and the majority of Centro MCS syndicates. For the past ten years, Mr Lieberman utilised the combination of his hands-on real estate experience and his education in Finance to co-found Zenprop Property Holdings, one of South Africa’s largest private real estate investment firms. As co-CEO of Zenprop, Mr Lieberman focused on the acquisition of existing income producing real estate, risk management, deal structuring, debt raising and asset management. Mr Lieberman also has experience as a quantity surveyor and an investment broker and property adviser. Mr Lieberman holds a Bachelor of Science Degree (Honours) in Quantity Surveying and a Bachelor of Commerce Degree (Honours) in Financial Management from the University of Cape Town (South Africa). Mr Lieberman now resides in Australia. CER Chairman Paul Cooper said: “The Centro Retail Trust Board looks forward to Avin Lieberman’s addition to the Board. Avin’s property and entrepreneurial experience are a solid match for the requirements of a pure property trust such as CER. “Avin’s appointment is an important step forward in the Board renewal and separation process that I discussed in the CER Annual Report. Avin is specifically joining the Centro Retail and Centro MCS Manager Boards and not the Centro Properties Group Boards. It should be noted that Centro Properties Group announced today the appointment of a new Director who will not serve on the CER Boards. “These separate appointments represent a significant initial step of this separation process. We look forward to updating our securityholders with further progress in this area in due course. Importantly, this is the first tangible evidence of our commitment to renewal and separation between Centro.” Leading international director and executive recruitment firm Egon Zehnder International has recommended Mr Lieberman and is assisting CER in identifying new non-executive Directors under the ongoing Board renewal process. Mr Peter Wilkinson and Mr Sam Kavourakis have tendered their resignations as Directors as part of the renewal process of the Board; however acceptance of their resignations has been deferred until such time as appropriate replacements are appointed under the ongoing process, which is expected to occur after December this year. Accordingly, each of them is standing for re-election at the forthcoming AGM. About Centro Retail Trust (ASX: CER) Centro Retail Trust (CER) is a pure property trust specialising in the ownership of shopping centres. CER owns retail property investments in Australasia and the US. For more information, please visit the CER website at centro.com.au/centroretailtrust.
CNP Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held