Centro Properties Group ('Centro') is a retail property investment organisation specialising in the ownership, management and development of shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of over 800 shopping centres across Australia, New Zealand and the United States. With funds under management of $24.9 billion, Centro operates through a customer focused and value-adding team based approach.
Centro’s two listed property investment products are Centro Properties Group (CNP) and Centro Retail Trust (CER). Investors participate through ASX listed securities and receive distributions with attractive tax-advantages.
Centro is Australia's fifth largest listed property trust, with $24.9 billion in funds under management across Australasia and the United States. Investors participate through stapled company and trust securities.
CER was listed on the ASX in August 2005 and is a pure listed property trust, comprising $9.6 billion of Australian and international retail properties. CER's investment philosophy is to provide investors with access to pure retail property ownership, together with conservative long term interest rate and foreign exchange risk management. As such, CER seeks to protect its forecast net US$ income and equity through long term foreign exchange hedging.
In unlisted funds, Centro's products include 34 direct property syndicates, two open-ended direct property funds and two open ended wholesale funds
Centro MCS Direct Property is Centro's direct property syndicate division and with $8.5 billion in funds under management, is Australia's leading direct property syndicate manager. The group specialises in both domestic and international shopping centre investment and is proud of its strong record of returns for investors. To 31 December 2007, Centro MCS syndicates delivered an annual total return of 18.8% (comprising income and capital returns) and a three year total return of 20.8% (based on an asset weighted investment in each syndicate with published NABs over the entire period).
Centro's two direct property funds, the Centro Direct Property Fund and the Centro Direct Property Fund International, are open-ended unlisted property trusts, investing primarily in Centro syndicates and funds. The Funds provide investors with the opportunity to access tax advanatged direct property ownership returns. For the period since inception, in June 2002, to 31 December 2007, the Centro Direct Property Fund delivered a tax advantaged return of 14.0%. For the Centro Direct Property Fund International, the total return to 31 December since its August 2005 launch was 5.1%.
For institutional and other large investors, Centro offers two open-ended wholsale funds, Centro Australia Wholsale Fund (CAWF) and Centro America Fund (CAF). CAWF's portfolio currently comprises interests in 28 stable, high quality Australian shopping centres with an aggregate value of $2.6 billion. CAF is Centro's US wholesale fund and invests in a $1.2 billion portfolio of 32 high quality retail properties in 15 states.