THE rising value of Centro Properties Group’s assets in Western Australia has helped underpin a $1 billion increase in the total value of the group’s portfolio. Centro has 810 shopping centres under management across the US and Australia, worth $26.6 billion. WA centres posting significant growth last month include the Centro Kalamunda shopping centre, which has increased by 19.1 per cent since June 2006 to $24.8 million, and Centro Halls Head, which increased by 18.4 per cent to $29.3 million over the period. Meanwhile, the book value of the Centro Retail Trust-owned Centro Galleria in Morley rose 10 per cent in June to $292.5 million. Centro’s $15 million expansion of the Galleria is scheduled for completion in the first quarter of 2009. Centro CEO Andrew Scott said the high-quality retail properties the group managed in Australia were a scarce resource in the current market. Mr Scott said gains across all shopping centre types were strong, with regional centres increasing by 6.8 per cent, convenience centres by 6.1 per cent and sub-regional centres by 5.7 per cent. On the development front, other opportunities for Centro in WA include the Brooks Garden Shopping Centre in Albany, for which it paid $32.3 million in June. The neighbourhood centre, to be rebranded Centro Albany, has a net lettable area of 5,824 square metres and comprises a Woolworths supermarket, Woolworths Liquor and 21 specialty stores.
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