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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.

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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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