CENTRO Property Group

[NRM_Oz]

Some of you work for malls (shopping centres) and may have heard before Xmas the collapse of CENTRO Property Group which owned hundreds of malls in the USA (and I think some in Canada too). Basically it came down to being unable to refinance loans through USA banks and 80%+ of share prices have been wiped off the books in a matter of weeks.

Just curious if anyone knows more that is going on in the USA with this company as there is another company called WESTFIELD who owns billions in shopping centres in the USA and I believe owned 1 of the WTC towers and unlike Donald Trump actually owns something and I know they will snap up these properties when they become available. Any job or tennant losses just yet ?

[Aussie-SO]

Centro own approximately 124 shopping centers here in Australia and Westfield have been mentioned as an "interested party" but rumour has it they are discouraged by the lack of development potential.

For now it looks like my job is safe, come February 15th we may start to get a clearer picture of what is going to occur.

[NRM_Oz]

I consulted with Centro for an `issue` a few years back and was glad to get my 6 week contract over and done with. Management were less than helpful and security contractors would change names but re-employ the same people again under a different name. It will be interesting to see what happens in the USA as I think they have hundreds of malls they had outright.