Centro Investors Support Restructure Plan

Australian real estate trustCentro Propertieshas received support from its investors for a restructuring plan to create a new listed property trust,The Wall Street Journalreports. The trust, calledCentro Retail Australia, will manage $6.89 billion of retail shopping centers across Australia.

The reorganization combines the group’s several funds and syndicates and includes the sale of assets from Centro Properties to Centro Retail, addsReuters. The restructuring will helpful the company avoid collapse from heavy debt. The company’s senior debt maturing at the end of this year was $2.83 billion. It also had net liabilities of $1.26 billion as of June.

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