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Owner of seven area shopping centers seeks buyers

An Australian real estate company that owns Spring Mall in Greenfield and six other retail plazas in the Milwaukee area 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, nine of which are in Wisconsin and more than 100 in Australia and New Zealand.

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 US$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.

Centro's Milwaukee-area properties are:
* Spring Mall, 4200 S 76th St. in Greenfield,
* Packard Plaza, 5656 South Packard Plaza in Cudahy,
* Northridge Plaza, 8155-8271 West Brown Deer Road in Milwaukee,
* Moorland Square Shopping Center, 15445 W National Ave. in New Berlin,
* Mequon Pavilions, 10930 N Port Washington Road in Mequon,
* Paradise Pavilion, Main Street and Paradise Drive in West Bend,
* Fox River Plaza, 1120 Milwaukee Ave. in Burlington.

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