Centro is setting itself firmly in the United States with the several key appointments and purchases, through its United States joint venture platform, Centro Watt.
Yesterday, Centro Watt appointed Mark Wilson to the newly created chief operating office.
Wilson, a member of Centro’s executive committee, has been in the role of managing director, Centro Watt East Coast for the past 12 months and has played a key role in integrating the Kramont and Centro Watt operations.
Centro’s chief executive Andrew Scott said Wilson is well placed to assume primary responsibility for the day-to-day operations of the Centro Watt platform and will continue to drive Centro’s risk managed growth in the US.
“With a US retail property portfolio of A$2.6 billion, geographically diversified across 16 states, Centro’s integrated US national platform and its new appointments further enhance the active management of Centro’s US retail assets,” he added.
Centro has also appointed Michael Moss to head up the national leasing team as vice president and director of leasing.
Moss joined Centro Watt as part of the Kramont Realty Trust.
In addition, Dennis Connolly will join Centro Watt as vice president of development.
Connolly brings with him an extensive retail development background in the US of over 20 years including long term positions at The Rouse Company, Disney and The Mills Corporation.
Meanwhile, Centro Watt has decided to market the underperforming Sequoia Mall & Tower Plaza, which has suffered from low occupancy.
Centro Watt has bought two assets to substitute Sequoia, including the Country Hills Shopping Center in Los Angeles, which is being acquired from Watt Commercial Properties, Centro’s joint venture partner in the US, purchased for $US8.6 million and the Vallejo Corners which is near the Gateway property in Northern California, worth $US25.8 million.
“The substitution of assets evidences Centro’s active fund management and Centro Watt’s on-the-ground local property expertise, and we are pleased that Watt has provided further support for the platform.
“The high occupancy rates of over 99% ensure Country Hills and Vallejo Corners will provide stable income returns for investors in the joint owners, Centro Retail Trust and the strongly performing syndicate, Centro MCS 32,” Scott said.
By Adam Parsons
