Hints and tips:
...Lex says that Centro’s lesson for distressed property investors is to “ignore rising asset values”....
...“Across the Centro Group, including Centro and all of its funds under management, there is A$16.5bn of investment property and A$16bn of debt at December 31, 2010,” he said....
...Blackstone’s real estate group has broadened its spread of investments amid declining competition from cash-deprived private equity groups, deploying capital to buy the US shopping mall portfolio of Australia’s Centro...
...Elsewhere, it was reported that another private equity company, Blackstone , had joined the bidding for Centro Properties, an Australian shopping centre owner, which also owns malls in the US....
...Centro also has debt facilities of US$1.3bn associated with Super LLC, a joint venture with Centro Retail Trust, a related listed property group....
...The rush to borrow to acquire assets – and so boost yields – has come back to bite many A-Reits, such as Australia’s Centro Properties Trust, as the global credit crunch sent financing costs soaring....
International Edition