Centro fund sell off falls through
Centro Properties Group has announced its attempt to sell the Centro America Fund (CAF) portfolio to a private real estate investment adviser has fallen through, with the due diligence period expiring and the private investor deciding to terminate the agreement.
Discussions with the private investor are continuing, but Centro cannot guarantee that the discussions will result in a sale.
As reported previously by Money Management, Centro hoped to use the proceeds of the sale to pay off some of its outstanding debt.
The group owes $2.3 billion and $450 million to its Australian and United States investors.
Centro’s debt extension will run out on September 30. It is holding discussions with its lenders for a further debt extension to December 15.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
