Centro is closing in on a $1.2 billion sale, according to published reports.
Centro Properties Group is close to selling A$1.2 billion ($1.16 billion) of U.S. shopping malls, as the company prepares to sign an accord with creditors, the Australian Financial Review reported, without saying where it obtained the information.
Centro, based in Melbourne, is in talks with a single party to sell 95 percent of the Centro America Fund, which holds shopping centers Centro acquired in 2006 when it bought Heritage Property Investment Trust, the Review said.
Centro could clear A$300 million from the sale, which is being managed by Lazard Ltd., the newspaper said. The company also may sell some of the assets held by the Centro Australia Wholesale Fund, which are being marketed by Jones Lang LaSalle Inc., the Review reported. Jim Kelly, a spokesman for Centro, didn't immediately return a call from Bloomberg seeking comment.
Previous Centro posts:
- May 14, 2008, Centro's Shield
- May 9, 2008, Centro Reaches Debt Agreement, Shares Surge
- April 3, 2008, Centro Takeover Rumors Cause Share Surge
- April 1, 2008, Centro Clears a Hurdle
- Feb. 29, 2008, Report: Blackstone, GE, Mulpha, Mirvac Bidding for Centro.
- Feb. 28, 2008, Centro Shares Surge
- Feb. 15, 2008, Centro Wins Extension
- Jan. 15, 2008, Scott Out, Rufrano In at Centro
- Jan. 10, 2008, Daily Centro Update
- Jan. 9, 2008, UBS Cuts Stake in Centro
- Jan. 3, 2008, Centro: Morgan Stanley, Westfield Have Approached Firm
- Jan. 2, 2008, Centro Says Its Getting Offers
- Dec. 18, 2007, Another Round of Centro Coverage
- Dec. 17, 2007, Centro Hit by Credit Crunch
- May, 10, 2007, Centro's Structure
- Feb. 28, 2007, Centro To Buy New Plan