MACQUARIE Bank and the Singapore Government owned GIC Real Estate have come to the rescue of Centro and its managed funds.
Centro Retail Trust and the Centro Australia Wholesale Fund have together refinanced a $300 million commercial mortgage backed securities.
The three year $300 million loan facility will replace the current Centro Capital CMBS which has matured. CER’s share is $150 million.
GIC Real Estate is the largest lender, accounting for $200 million whilst Macquarie Bank refinanced $100 million.
Centro CEO Glenn Rufrano said GIC Real Estate and Macquarie are new lenders to the Centro group.
“We are pleased that CER and CAWF have completed the refinance with these lenders,” he added. “CER is pleased to have completed this refinance with its new lenders as well the previously announced $248.5 million bank facility on 13 November 2009.”
Propertyreview.com.au