Troubled Centro now offloading seven shopping centres

As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.

Centro has listed a further three regional shopping centres for sale this week, taking the total since July to seven.

Alongside Centro Townsville, the group has also listed Centro Albion Park (pictured above) near Wollongong and Centro Newcomb, near Geelong.

The three centres form part of Centro’s MCS 17 Unit Trust Syndicate.

According to an explanatory note issued in April, the syndicate was forecast to bring in property income of $7.5 million for the year ending June 30, 2011, up from $6.59 million the previous year.

Centro Townsville is valued at $35.5 million, Centro Newcomb at $26.5 million and Centro Albion Park at $15.2 million.

The centres are being sold by Savills agents Peter Tyson and Jon Tyson and Knight Frank’s John Quinlan and Phil O'Donovan.

Other Centro centres listed for sale since July include Centro Warners Bay in Newcastle, Centro Lismore, Centro Emerald Village in Northern Queensland and Centro Newton in Adelaide.

The group is holding onto its prime shopping centre assets, which include The Galleria in WA valued at more than $470 million, the Glen in Melbourne worth about $330 million and Centro Toombul in Queensland worth around $200 million.

Under the restructuring proposal Centro Properties Group will be wound up, with the remaining Australian assets held by subsidiary Centro Retail Trust and other unlisted Centro funds amalgamated into a new listed property trust.

Shareholders will vote on the proposal on December 15. Failure by the board to win approval will most likely see the company placed in the hands of external administrators.