According to The Australian, Centro Properties Group
(ASX:CNP) is on the hunt to find a partner to manage and jointly own a $1 billion property portfolio, including 50 supermarkets.
The shopping centre operator has apparently already sent a teaser document to potential buyers, that represents an offering of approximately 50% of Centro’s Australian property syndicate operation, the paper reports.
The Australian says the move is in an effort to lower debt and improve Centro’s credit rating. Centro Properties Group reported a loss of $3.5 billion for the year ending 30 June 2009.
