what will happen tomorrow, page-3

Will depend on how the press report today's 'news' and no doubt the Dow overnight.

Article from SMH looks to have taken a positive spin on today's news...

Investors have given Centro Properties Group Ltd a welcome share price boost, with the shopping centre operator indicating that several groups are interested in its assets.

Centro Properties, Australia's second biggest shopping centre owner and the fifth largest in the US, lost more than 80 per cent of its market value in December when the group revealed it was having difficulty refinancing about $1.3 billion of maturing debt.

After conceding it may have to sell assets in December, chairman Brian Healey said on Wednesday the group had already been approached and, as such, was widening the scope to invite other parties into discussions.

"In recent days, we have received a significant number of unsolicited expressions of interest from a range of strategic and financial investors in potential investments in the group and certain of our assets," Mr Healey said.

"Therefore, as part of the strategic review process, Centro is now seeking expressions of interest for key alternatives available to it."

Expressions would be sought for a `whole of group review' including recapitalisation, equity issuance or acquisition of Centro.

Other options included the sale of Centro's interests in Australian and US funds.

"This will enable interested parties to substantiate their interest and for all such proposals to be evaluated from the perspective of the best interests of all Centro stakeholders," Mr Healey said.

The market applauded the announcement. Centro Properties securities closed up three cents, or 2.97 per cent, at $1.04, after touching a high during the day of $1.24.

However, the price is still a far cry from the $5.70 securities in the group were fetching on December 14, and is only a fraction of Centro Properties' peak price of $10.02 in May.

But Centro has a number of attractive assets.

At the end of the financial year, the group's portfolio included 810 properties, two-thirds of which are in the United States.

The group has about $26.6 billion under management.

Austock Securities senior client adviser Michael Heffernan was not surprised at Wednesday's share price hike.

"This is the only way that Centro can solve its problems and it seems there's quite a bit of interest, so it's given them a fuel injection," he said.

"It looks like it's not a firesale - the market works on one marginal piece of information and they look to be selling because there's more than one expression of interest.

"I don't think anyone would pay over the market value for them, but most of the assets are good."

Centro has appointed Lazard Carnegie Wylie to advise on the sale process.