Centro Gives Banks Control as A$5.1 Billion Debt Gamble Fails
Bloomberg reports: Australia’s Centro Properties Group, the world’s fifth-largest shopping-center owner, plans to cede control to its banks after failing to refinance A$5.1 billion ($3.4 billion) of debt accumulated as it acquired 650 U.S. malls. Retail property sales dropped 62 percent to $67 billion globally in the first nine months of 2008 compared with a year earlier, according to Real Capital Analytics Inc., a New York- based research firm.
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Posted by: Nina Turner