This is Centro's third major US acquisition. Australia-basedCentro Properties Group and Santa Monica, CA-based Watt CommercialProperties formed Centro Watt America REIT in October 2003 when itacquired 14 California shopping centers with an aggregate of 3.1million sf for $488 million. On Friday, an offshoot, Centro WattAmerica REIT II, acquired three Atlanta-area power centers,aggregating 691,000 sf, for a price estimated by GlobeSt.com at$103 million.

Centro values the Kramont acquisition at almost $1.3 billion.The purchase adds approximately 93 neighborhood and communityshopping centers, aggregating nearly 12.6 million sf across 16states, to Centro's US holdings. This takes the JV's total USportfolio to nearly 16.4 million sf. The Kramont acquisition isexpected to close during the first quarter of 2005.

More acquisitions may be in the offing. Prior to the open oftrading on the Australian Stock Exchange on Monday, Dec. 20, Centrorequested a halt in the trading of its securities, "pending afurther announcement." A letter to the ASX, signed by DanielleRowe, Centro's secretary, said, "Centro further requests thatbecause more than one announcement may be made during the course ofthe next 48 hours it is important that this trading halt not belifted until Centro advises the ASX that the details of aparticular matter to which the trading halt relates have beencompleted."