Centro sustains strong growth
Andrew Scott
The Centro Properties Group (Centro) has recorded strong growth for its Australian managed portfolio, delivering 4.8 per cent for the March quarter.
Centro chief executive officer, Andrew Scott, said the growth adds to the group’s moving annual turnover (MAT) growth at Centro managed centres of 3.9 per cent with sales of 9.7 billion for the year ending March 31, 2007.
“The continuing strong 4.8 per cent growth for the March quarter appears to be driven by favourable economic conditions, record high employment and resources-led growth, particularly in Western Australia. The post-Christmas trading period has been very good in Centro centres, particularly for non-discretionary retail sales,” Scott said.
“Centro’s speciality and mini majors sales categories, which recorded MAT growth of 7.2 per cent and 8.3 per cent respectively, are driven by strong performance of the fresh food and homeware sectors,” he added.
Centro has a market capitalisation of $8 billion and funds under management of $26 billion.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
