Centro Properties Group
Stock Code
Stock Exchange
Centro Properties Group (CNP) is a public company engaged in the operations of the Centro Property Trust and other entities of the company which are engaged in property management, property investment, funds management and property development. CNP was listed on the Australian Stock Exchange on the 14th of August, 1997. Its average annual revenue reaches approximately AUD$795 million. Its headquarters is located in Glen Waverley, Australia and to date; around 700 people are employed in the company.
The recent downgrading of the US and Australian property portfolio value by $2.62 billion have lead to considerable danger for some of the managed funds for Centro Properties Group (CNP) raising the fear that they might breach the banking convents. According to the Centro authority, in June 30 the value its Australian managed property portfolio was $7.69 billion where in December it remained at $8.17 billion.
Troubled Centro Properties Group has decided to go ahead with its sell-off of its US properties to reduce its debts. It has announced that it shall sell 29 of its 31 properties in Centro America Fund (CAF) at a 10 percent discount of its book value. Centro America Fund (CAF) is a wholesale fund managed by the Centro Group where Centro Properties held 46.65 percent stakes. Centro Properties has decided to go ahead with its plans to sell its assets to a private real estate investment advisor in order to provide liquidity to the balance sheet and pay down its outstanding indebtedness.
Here is an update on the Australian REIT Monthly (April 2008) provided by Australian market analyst UBS
Australian REIT Monthly
Month in review - April 2008
April 2008: Slight relative underperformance but in the black:The S&P/ASX 300 Prop Accum index was up 4.2% in Apr'08, underperforming the S&P/ASX 300 Accum index by 0.3%. LPT's have under performed the broader Australian market over a 3 mth (-1.7%), 6 mth (-10.8%), 1 yr (-17.7%), 5 yr (-7.8%) and 10 yr (-1.8%) period.
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