Sydney, Nov 10, 2005 (ABN Newswire) - Centro Properties Group ("Centro") (ASX: CNP) is pleased to announce the successful completion of a $102 million capital raising via an institutional placement of 17 million Centro securities.

The proceeds of the capital raising will be used to partially fund the purchase of a 50% interest in Hyperdome Tuggeranong Regional Shopping Centre, ACT which is part of a joint venture with Leda Holdings ("Leda") announced earlier today, and for other corporate purposes. Mr Brian Healey, Centro's Chairman commented, "We are extremely pleased with the support of investors for the joint venture with Leda which demonstrates Centro's ability to source quality Australian opportunities in an extremely competitive market."

Mr Andrew Scott, Chief Executive Officer, added, "We are delighted that the strong support for the transaction resulted in the institutional placement being heavily oversubscribed and allocated to a wide spread of investors. The placement price of $6.00 was at the top end of the bookbuild range and represents a 1.6% discount to yesterday's closing price."

The new CNP securities will be allotted on Wednesday, 16 November 2005 and will rank pari passu with existing CNP securities for the distribution for the half year ending 31 December 2005. It is Centro's desire to ensure that all securityholders are able to participate in Centro's ongoing capital raisings. As previously advised, it is therefore intended to provide all relevant Centro investors the opportunity to purchase additional Centro securities through a Security Purchase Plan ("SPP").

Centro securityholders will therefore be able to acquire up to $5,000 worth of Centro securities under the SPP at the $6.00 security price offered to the institutional investors in the placement earlier today. Details of the operation of the SPP will be forwarded to investors shortly.

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