Search
 

Centro Casts Wide Net for Buyers

MELBOURNE, AUSTRALIA-As the deadline to refinance $3.4 billion in debt nears, the mall owner seeks to sell some or all of its assets.

By Marita Thomas | Updated on January 03, 2008

MELBOURNE, AUSTRALIA-A victim of the global credit crunch, Australia’s Centro Properties Group says it is seeking expressions of interest for some or all of its retail assets. It faces a Feb. 15 deadline to refinance approximately $3.4 billion in short-term debt, most of which it incurred to finance its March 2007, $6.2-billion acquisition of New York City-based New Plan Excel Realty Trust Inc.

The company owns 674 shopping centers in the US and 128 in Australia and New Zealand. Its appetite for US malls began in late 2004 with the acquisition of Philadelphia-based Kramont Realty Trust.

In October 2006, it paid $3.2 billion for Boston-based Heritage Property Investment Trust. With the New Plan Excel buy, it owns about 90 million sf of US retail space, primarily strip malls spread across 40 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.