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Tuggeranong Hyperdome = 50% Centro, Centro Properties Group circling the plughole

By 19 December 2007 8

Centro Website, confessing to owning the Tuggeranong Hyperdome.

This News.com.au Business article reports that Centro is down from a stock high of $10, to $0.80 and is expected to sink further, as Centro is about to crumble under the weight of its own debt.

What will this mean for the Tuggeranong Hyperdome? What does this mean for the “Southlife on Anketell” cafe strip they have been building? Where will all the 14 year old pregnant girls go on a Friday night?

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8 Responses to Tuggeranong Hyperdome = 50% Centro, Centro Properties Group circling the plughole
#1
Sammy9:47 am, 19 Dec 07

It’s not that surprising that the Hyperdome is majority owned by a debt-laden property investment company. The whole place wreaks of lowest-cost upgrades and maintenance.

Expect it to be purchased by the likes of Westfield at bottom dollar, at which point they will have a reasonable asset that they have purchased at significantly below market value.

#2
caf10:31 am, 19 Dec 07

Who owns the other 50%? It’ll probably be them buying it out.

#3
Skidbladnir11:48 am, 19 Dec 07

The other half is owned by Leda Holdings, who were bought out by Centro a few years back.
They also own part of the other Hyperdome too.

#4
Snahons_scv6_berlina12:03 pm, 19 Dec 07

Consumers won’t see any different. Centro’s administrators will basically sell off the stake to the highest bidder who’ll want it dirt cheap so they can then in turn boost their balance sheets :)

#5
bd8412:23 pm, 19 Dec 07

I doubt Leda will buy it back, they basically sold it to gain leverage to buy and refurbish other centres around the country. I wouldn’t be surprised if we end up with a 3rd Westfield if they do end up having a fire sale, or it will be picked up by Mirvac who own Homeworld across the road.

And to answer the question about where the preggers 14 yr old girls would go (in the very minute chance that it would ever close).. back to Queanbeyan ;)

#6
Sammy9:42 am, 20 Dec 07

Statements to the ASX yesterday indicated that Centro are not bound by any loan contract clauses that would force them to sell property.

#7
51modelBloke2:52 pm, 20 Dec 07

said young ladies will need to return to Erindale shops..

#8
flyingblind3:43 pm, 20 Dec 07

Hope the good people of nappy valley arent hoping Westfield will improve the place, all I’ve seen of their malls is to maximise every square centimetre of floor space and push rentals sky high with very little benefit to the consumer.

The little retailers get pushed out and it just becomes another generic Westfield strip mall.

Very boring and expensive.

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