Centro sell-off continues
The sale of Centro Properties Group’s assets continues, with the Centro Retail Trust, Centro Australia Wholesale Fund and Centro MCS 2 Syndicate divesting assets to reduce debt.
Centro Retail Trust’s withdrawal from the New Zealand commercial property market has begun, with the group agreeing to sell shopping centres in Christchurch and Auckland. The total sale price of the two New Zealand shopping centres is NZ$49.9 million.
Centro Retail Trust will not hold any shopping centres in New Zealand following the sale.
Meanwhile, the Centro Retail Trust and Centro Australia Wholesale Fund have both committed to sell each of their 50 per cent interests in Centro Southport (on the Gold Coast) for $68 million.
The group’s Centro MCS 2 Syndicate has also been wound up following the completion of the sale of the Adelaide Central Carpark and Charles Street Plaza — its sole asset — for $47.69 million.
The group’s Australian portfolio now consists of 30 centres and its US portfolio of 419 centres. Centro and its managed funds have sold US$246 million of assets in the United States since July last year.
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