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Centro hit by credit crunch

Staff Reporter 1 minute read

Centro Properties Group (Centro) may become the first major Australian real estate casualty of the global credit crisis.

In its revised earnings announcement released today, the group revealed to shareholders that long-term refinancing had proven difficult to secure given the current tightening of credit markets.

According to the statement, Centro requires long-term debt refinancing of A$1.3 billion and has interest in joint venture debt refinancing of A$1.4 billion.

The group has been able to secure an extension on its financing facilities until 15 February 2008 and will in the interim embark on a strategic review of its entire business, including asset sales, equity injections and new debt facilities.

Centro hit by credit crunch
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