So Centro Properties Group found a buyer for 29 of its US centers at $714 million, according to reports. Supposedly the buyer is DRA Advisors LLC (Centro never named the purchaser), which acquired the centers at a 10% discount.Centro, reportedly $17 billion in debt, will still have about 650 centers after this sale. But according to a GlobeSt.com article, some insiders are saying that the Melbourne, Australia-based firm will have trouble selling its remaining assets to domestic REITs. We have heard that the Centro portfolio, the majority of which was acquired from New Plan Excel Realty Trust last year for just over $6 billion, isn't the most attractive group of centers out there. From what we've been told, they aren't the highest-quality collection of assets, which make them a tough sell in a climate where potential buyers aren't shopping for value-added deals...or any deals period, for that matter.Is what we've heard wrong? Are there more buyers out there for the Centro portfolio? Or is this thing going to remain on the market for a looooong time?
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