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Centro Cancels Mall Sale

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Centro Properties Group, the shopping mall owner seeking a debt extension to stay in business, canceled the sale of a Sydney shopping center after failing to find a buyer.

No ``satisfactory offers'' were received for Centro Bankstown before the August deadline, Centro said in a Sept. 4 letter, posted on its Web site, to members of its MCS 28 Syndicate, owner of 50 percent of the shopping mall.

Centro Chief Executive Officer Glenn Rufrano, 58, is trying to sell assets and raise cash to help repay as much as A$6.6 billion ($5.4 billion) of debt. The company said last month it may offer lenders securities convertible into shares in lieu of borrowings, affecting shareholders.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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