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Report: Centro Close to Big Sale

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Centro is closing in on a $1.2 billion sale, according to published reports.

Centro Properties Group is close to selling A$1.2 billion ($1.16 billion) of U.S. shopping malls, as the company prepares to sign an accord with creditors, the Australian Financial Review reported, without saying where it obtained the information.

Centro, based in Melbourne, is in talks with a single party to sell 95 percent of the Centro America Fund, which holds shopping centers Centro acquired in 2006 when it bought Heritage Property Investment Trust, the Review said.

Centro could clear A$300 million from the sale, which is being managed by Lazard Ltd., the newspaper said. The company also may sell some of the assets held by the Centro Australia Wholesale Fund, which are being marketed by Jones Lang LaSalle Inc., the Review reported. Jim Kelly, a spokesman for Centro, didn't immediately return a call from Bloomberg seeking comment.

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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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