Centro in key fund sell-down
Centro Property Group has significantly improved its liquidity position with the announcement today that it has entered into an agreement to sell 29 of the 31 properties in the Centro America Fund (CAF) to a private real estate investment adviser.
According to an announcement released on the Australian Securities Exchange today, the contract price from the sale of US$714 million represents a 10 per cent discount to previous book value.
Centro said it expected to use the net proceeds to pay down outstanding indebtedness.
Commenting on the transaction, Centro chief executive Glenn Rufrano said: “As we have previously advised, the sale of the CAF portfolio is a key step in providing liquidity to our balance sheet.”
AUTHOR
Mike Taylor
Recommended for you
Two law firms have highlighted licensees’ responsibility to ensure they have sufficient cyber security measures in light of the enforcement action against Fortnum Private Wealth.
A former director has pleaded guilty to providing financial product advice without holding an AFSL which saw almost $2 million transferred to him.
Commonwealth Private Limited, a subsidiary of Commonwealth Bank of Australia, has launched a wholesale offering with the help of JPMAM.
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
