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Centro Properties Group

Centro Properties Group
Company nameCentro Properties Group
Company typePublic (Asx - CNP)
IndustryProperty Development, Property Management
Founded18 February 1985
(as Jennings Properties Limited)
HeadquartersMelbourne, Australia
Area servedAustralia
New Zealand
Key peopleRobert Tsenin (CEO)
Centro Properties Group

Tony Clarke (CEO)
Centro AUS & NZ

Michael Carroll (CEO)
Centro US

Mark Wilson (CIO)
Graham Terry (COO)
ProductsCentro Retail Trust
Centro Shopping America Trust
Centro Watt Trust
Centro MCS Syndicates
Centro Direct Property Fund
Centro Direct Property Fund International
Centro Wholesale Funds
ServicesProperty Development and Management
Net income(-) $469.72 million (2006-07)
Total assets(+) A$30.9 billion
Employees~ 900+ (within Australia)

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Centro Properties Group, commonly known as 'Centro', is an Australian company which provides retail property ownership and management services. It is a listed company with securities traded on the Australian Securities Exchange. The multinational company owns and operates shopping centres in Australia, United States and New Zealand. Centro shopping centres are typically branded with the name Centro in their name. Centro is the fifth-largest retail property owner/manager in the United States, the second largest in Australia, and the largest provider of retail space to Wesfarmers and Woolworths. With over 682 properties in the United States and 128 properties in Australia and New Zealand. Centro’s Retail Property Management Services division undertakes property management, leasing, development management and funds management activities for its managed portfolio. Centro manages both listed and unlisted funds.

In a landmark Australian legal decision, in June 2011 the Federal Court of Australia found that eight executives and directors of Centro breached the Corporations Act by signing off on financial reports that failed to disclose billions of dollars of short-term debt. The legal action was commenced by the Australian Securities and Investments Commission, who sued Andrew Scott (ex-CEO), Brian Healey (former chairman), Paul Cooper (current chairman), Romano Nenna (ex-CFO), former non-executive directors Peter Wilkinson, Sam Kavourakis and Peter Goldie, and Jim Hall, who remains on the board. A class action from investors seeking A$200 million in damages due to alleged deceptive conduct and breaches of continuous disclosure obligations has commennced in the Federal Court against Centro Properties Group, Centro Retail Group, and their auditors, PriceWaterhouseCoopers, and relate to conduct from August 2007 to February 2008.

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