Property group Centro has announced a significant downgrade in the valuation of the Australian and US property portfolios within its Centro Retail Trust.
The company announced to the Australian Securities Exchange today that the total decline in property valuations for the six months to June 30 was $1,023.8 million.
In a separate announcement, Centro Properties Group reported that the preliminary property valuation reports for its Australian and US managed property portfolios had declined by $2,624.6 million.
The announcement by Centro came at the same time as a number of superannuation funds have been facing the revaluation of directly-held property assets both in Australia and overseas.
