Centro Properties Group goes on the market

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Centro Properties Group goes on the market

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Friday, 11 December 2009 08:33

An Australian real estate company that owns four East Bay shopping centers is seeking buyers as a debt refinancing deadline approaches next month.

Centro Properties Group on Wednesday said it is looking for "expressions of interest" for alternatives that include acquiring the company or buying its Australian and U.S. assets. Centro has $22 billion in assets that includes about 700 properties in the United States and more than 100 in Australia and New Zealand.

The company is based in Glen Waverly, a suburb of Melborne, Australia. Its Centro US unit, which manages all U.S. holdings, has a staff of 800 in its New York City corporate office.

The company said it received interest from investors in the company and its assets as it undertakes a strategic review. Centro faces a deadline that recently was extended to Feb. 15 to refinance about $3.4 billion in debt.

The company, hurt by the subprime mortgage crisis, said in a letter to investors in late December that it isn't obligated to take a specific course of action before February. At the time, expected refinancing costs led the company to cut its dividend for the second half of 2007.

The company's East Bay properties are Gateway Plaza and Vallejo Corners in Vallejo, and Metro 580 and Rose Pavilion in Pleasanton.

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