In a move designed to distance itself from its troubled past, shopping centre owner and manager Centro Retail Australia has changed its name to Federation Centres.
At an extraordinary general meeting on January 22, chairman Bob Edgar said that after a year of achievements and progress for Centro Retail Australia, it was time to draw a defining line on the past to clearly define it from the future.
“Our vision is to be a pure property REIT with a simplified structure – a shopping centre owner and manager in the Australian market – with an emphasis on sub‐regional centres that provide engaging consumer experiences for the local communities in which we operate,” he said.
Rolling out the new Federation brand will cost about $1.5 million and phase one of the program will see 24 centres rebranded by December 2013.
As well as a change of name, the company has been active with the sale of Centro Surfers Paradise on the Gold Coast and the purchase of a shopping centre at Coffs Harbour, on the NSW north coast, from one of the company’s managed syndicates.
Financial services group Challenger acquired Centro Surfers Paradise for $162.5 million on behalf of an undisclosed institutional client. The vendor is MCS11, a syndicate managed by Centro. Centro will continue to manage the centre.
At Coffs Harbour, Centro Retail Australia has paid $65.5 million for the recently completed Centro Toormina for $65.5 million. The 21,000sqm centre was held by the MCS 16 syndicate. The purchase is part of the company’s plans to bring properties on to its balance sheet as its managed syndicates wind up.