CNP 0.00% 4.0¢ cnpr group

centro says retail trust can withstand us down

  1. 112 Posts.
    Source: Reuters
    http://www.reuters.com/article/marketsNews/idUSSYU00403620080227

    MELBOURNE, Feb 28 (Reuters) - Australia's troubled Centro Properties Group (CNP.AX: Quote, Profile, Research) said on Thursday its affiliate Centro Retail Trust (CER.AX: Quote, Profile, Research) was widely diversified and its U.S. operations would not be severely hit by a U.S. economic downturn.

    "We will not have a significant decline in occupancy or income," Centro Properties Chief Executive Glenn Rufrano told a briefing, referring to Centro Retail Trust's U.S. shopping malls.

    He said the property trust was not concentrated in any one tenant company and was diversified across U.S. geographic regions.

    Centro Properties, one of Australia's biggest casualties of the global credit crunch, has won an extension on a total of A$5.4 billion ($5.1 billion) in debt till April 30, but is still under pressure to sell assets to raise cash by the new deadline. ($1=A$1.06) (Reporting by Victoria Thieberger)

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