This article is from the Australian Property Journal archive
GOOD news has come from Centro and Centro Retail Trust, sales rose 7% and 7.2%, respectively in the three to March.
During the period, sales across Centro’s 129 Australian properties and 672 Unites States properties portfolio, increased 7% after rising 6% in the December quarter.
In the 12 months to March, moving annual turnover growth was 7.1% with sales of $10.5 billion across Centro’s Australian managed portfolio
The occupancy rate of the group’s Australian portfolio remained at 99.5% and rental income growth was 9.6% over the nine months to March 2008, whilst occupancy rate in the US 91.7% and rental growth was 10%.
CER’s portfolio comprises 33 Australian properties and 419 US centres.
CER’s moving annual turnover growth was 7.8% with sales of $4.1 billion across
Centro’s Australasian managed portfolio.
Centro recently posted a record loss totalling $1.1 billion in the six months to December 31 2007 – compared with net income of $157.3 million a year earlier.
The group wrote down $578 million for its US based New Plan Excel Realty Trust.
Yesterday’s good news help push up Centro shares closing 3 cents or 8.2% higher to 39.5 cents.
Similarly, CER shares rose 1.5 cents or 3.9% to 40 cents.
Those prices remain below Centro’s and CER’s share price on May 09 of 47 cents and 48 cents, respectively when Centro announced that it secured another lifeline from lenders.
However, following Centro’s debt reprieve, IMF Australia announced it was funding a $200 million plus shareholder class action against Centro and CER.
Filed by Maurice Blackburn, the statement of claim relates to alleged misleading and deceptive conduct and breaches by Centro and CER of their continuous disclosure obligations between August 09 2007 and February 15 2008.
Centro said it will vigorously defend an investor class action
Australian Property Journal
