Centro funding secure


CENTRO Toormina centre manager Glenn Campbell said yesterday development funding had been secured for the development of Centro Toormina.

"The development has been progressing well and we are confident to complete works by the scheduled opening of mid-November 2008," Mr Campbell said.

"The national Centro issues have not hindered the development for Centro Toormina," Mr Campbell said.

"Woolworths are also re-opening again in mid-April so as far as progress is concerned, we are tracking well. Centro Toormina has a great future."

On Tuesday Centro warned that the loan it had obtained to complete the Toormina development, reported to be $45 million, hinged on it retaining control of the MCS 16 Syndicate managed fund as the loan had been secured directly between the syndicate and a bank.

The Australian newspaper reported yesterday that the syndicate, one of Centro's billion-dollar stable of managed funds, had been under threat from property group Pelorus, which has been trying to take control of 10 Centro MCS-managed funds by removing Centro as the responsible entity.

The report said industry speculation that Centro could not finance the Toormina redevelopment was cited by Pelorus as one of the reasons why it should be given management rights.

The 12,000 square metre Centro Toormina shopping centre, which is currently valued at $36 million, is the sole asset of the MCS 16 Syndicate.

Building work on the centre, which is now under well underway, will see the retail space enlarged by 9000 square metres to 21,000 square metres.

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