Australian real estate trust Centro Properties has received support from its investors for a restructuring plan to create a new listed property trust, The Wall Street Journal reports. The trust, called Centro Retail Australia, will manage $6.89 billion of retail shopping centers across Australia.
The reorganization combines the group’s several funds and syndicates and includes the sale of assets from Centro Properties to Centro Retail, adds Reuters. The restructuring will helpful the company avoid collapse from heavy debt. The company’s senior debt maturing at the end of this year was $2.83 billion. It also had net liabilities of $1.26 billion as of June.
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