Centro Retail is looking to sell up to a 50 per cent stake in three of its best shopping centres – Galleria in Perth, The Glen in Melbourne and Colonnades in Adelaide.
Centro Retail and Centro Retail Trust have been given the okay by the NSW Supreme Court for its merger and restructure plan.
Centro Retail Trust has suffered in underlying profits for the full year ended 30 June 2011 reporting a drop from $160 million from the previous corresponding period to $70 million.
Centro Properties has reaffirmed that it continues to investigate its options in order to support the operation of the company, but its directors hope that a restructure could potentially save the debt-ridden business.
For the last six months, Centro shopping centres have been rewarding its retailers and customers through its Freebies Rewards program.
The continuing success of Australian retailers was a contributing factor behind CER's $113 million net profit attributable to members for the full year ended 30 June 2010.