Centro revaluations head south
Property group Centro has announced a significant downgrade in the valuation of the Australian and US property portfolios within its Centro Retail Trust.
The company announced to the Australian Securities Exchange today that the total decline in property valuations for the six months to June 30 was $1,023.8 million.
In a separate announcement, Centro Properties Group reported that the preliminary property valuation reports for its Australian and US managed property portfolios had declined by $2,624.6 million.
The announcement by Centro came at the same time as a number of superannuation funds have been facing the revaluation of directly-held property assets both in Australia and overseas.
AUTHOR
Mike Taylor
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
