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Allens acts on Centro restructure

11 August 2011

Allens Arthur Robinson (Allens) has acted on the latest phase of the reconstruction of property group Centro.

Partners Simon Lynch, Craig Henderson and Penny Nikoloudis, who led an Allens team that spanned the firm's Mergers & Acquisitions, Banking & Financial Services, Tax and Corporate Insolvency & Restructuring practice groups, advised the senior lenders of retail investment and management organisation Centro Properties Group (CNP) on the proposed restructure and aggregation of Centro Retail Group (CER) and certain Centro unlisted funds, to form a new listed Australian property fund (AREIT).

Under the agreement, which was announced on 9 August and is subject to a number of regulatory and stakeholder approvals, CNP will cancel its senior debt in exchange for stapled securities in the new AREIT, which it will receive via the aggregation transaction, pursuant to a creditors' scheme of arrangement.

Mr Lynch said his team has been working on the matter for the past four years.

'It's a highly complex and demanding transaction in terms of the practice areas involved and the advice needed,' Mr Lynch said.

Mr Henderson said that the complexity of the Centro group had impacted CNP's ability to undertake any significant restructuring or recapitalisation to date.

'This matter has had a number of deadlines and demands and I'm really proud of the way that our team, from a range of different practice areas and offices, has remained focused on our clients' needs,' Mr Henderson said.

'We are delighted to be involved in a transaction that delivers value to the CNP senior lenders through a solvent restructuring of the Centro group.'

Allens legal team Simon Lynch (Partner – Melbourne), Craig Henderson (Partner – Melbourne), Penny Nikoloudis (Partner – Sydney), Tania Cini (Partner – Melbourne), Tony Sheehan (Partner – Sydney), Larry Magid (Partner – Sydney), Brooke Griffin (Senior Associate – Melbourne), Chris Swan (Senior Associate – Melbourne), Warwick Newell (Senior Associate – Melbourne), Caitlin Gill (Senior Associate – Sydney), Zoe Green (Senior Associate – Sydney), Matthew McCarthy (Senior Associate – Melbourne), Judith Taylor (Senior Associate – Sydney), Anna Schwartz (Lawyer – Melbourne), Marcus King (Lawyer – Melbourne), Cara Stevens (Lawyer – Melbourne), Amy Cashman (Lawyer – Sydney), Morgan Phelan (Lawyer – Sydney), Joseph Power (Lawyer – Sydney)

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.