MELBOURNE, AUSTRALIA — Centro Properties Group has failed to close a $714 million deal to sell 29 U.S. malls, just two weeks ahead of a refinancing deadline.
The deal had been for 29 of the 31 U.S. shopping malls in the Centro America Fund and was subject to due diligence by the unnamed buyer.
“Centro now advises that the due diligence period has expired and the purchaser has elected to terminate the agreement,” Centro Properties said in a statement.
It also stated that talks with the purchaser were continuing, but there was no assurance the talks would lead to a future agreement.
Centro owns 665 U.S. shopping malls, making it the third-largest mall manager in the country. Its affiliates have approximately $6.1 billion of debt to refinance by the end of the year, a portion of which expires September 30.