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retail trust can weather downturn: centro...

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    Retail Trust can weather downturn: Centro
    By Victoria Thieberger of Reuters

    Troubled Centro Properties Group said on Thursday its affiliate Centro Retail Trust was widely diversified and its US operations would not be severely hit by a US 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 US shopping malls.

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

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


    Cheers, Pie :-)
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