Centro Retail Australia to rebrand as Federation Centres
Centro Retail Australia, an Australian listed real estate investment trust (A-REIT), has announced its intention to rebrand as Federation Centres.
The company currently has $6.5 billion of shopping centres under management, including directly owned property investments totaling approximately $3.8 billion (as of 30 June 2012).
The A-REIT's name change will come after an extraordinary general meeting (EGM) in which shareholder approval will be sought to change the company's name from Centro Retail Limited to Federation Limited.
Centro chairman Bob Edgar said the new name would better reflect the business.
"A federation respects the individuality of its parts but also has the strength of the wider group. That is what we are: a group of strategically sited individual centres that reflect the local communities to which we provide services while benefiting from the strength of the parent organisation," Edgar said.
Managing director and chief executive Steven Sewell said Federation Centres would "strive to lead the industry in the way it did business".
"Although the group will have a new name, our centre will retain their strongly locality-based identities, with our branding strategy designed to endorse and celebrate those local 'hero' brands," said Sewell.
The EGM will be held on 22 January 2013.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
