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Centro Clears a Hurdle

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Centro Properties Group, the Australian property trust seeking to refinance A$4.9 billion ($4.5 billion) of debt, had its biggest three-day gain since January in Sydney trading after a unit was released from a $450 million bond guarantee.

Centro Retail Group no longer has to guarantee bonds sold by Centro Properties after the companies met a deadline today to provide "necessary documentation" to the U.S. holders of the notes, the two Melbourne-based trusts said today in a statement to the Australian Stock Exchange.

"It's just one minor hurdle they've got over the top of, but there's many more that lie ahead," said Jamie Spiteri, a senior dealer at Shaw Stockbroking Ltd. in Sydney. "There's a lot more to be successfully negotiated going forward for Centro."

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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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