by Centro Press Release

Centro MCS announced today the sale of Preston Market to a joint venture between Salta Properties, a Melbourne-based owner/developer and the Medich Group based in Sydney. The sale of Preston Market followed a formal marketing campaign of the property during November and December 2003.

Unconditional contracts have been exchanged at a price of $36.75 million reflecting a yield of over 8%.

Mr Andrew Scott, CEO Centro Properties Group said “The property has been held for 15 years by a MCS managed syndicate.  Following the addition of Aldi and some improvements to the Centre over the last year or two, it was considered in the best interests of investors to dispose of the investment”.

Preston Market forms the retail hub of Preston and the market remains the focus of fresh food retailing in the northern suburbs of Melbourne.

The property, strategically located in metropolitan Melbourne, approximately 9 kilometres from the Melbourne CBD, has recently undergone expansion and redevelopment, with the addition of an Aldi Supermarket.

Preston Market has been held by a property syndicate managed by Centro MCS.

Settlement of the property is contracted for April.  The new owners view the property as a long term investment.  They intend to build on the success of the market and explore opportunities to improve its attraction.

The sale was negotiated by Mr Simon Rooney of Jones Lang LaSalle on behalf of the vendor.

For further information, please contact Mr Andrew Scott of Centro Properties Group on (03) 9639 4511.

30 January 2004

http://www.centro.com.au/2004pdfs/Preston%20Market%20Sale%2030%20Jan%202004.pdf

Download: http://www.centro.com.au/2004pdfs/Preston%20Market%20Sale%2030%20Jan%202004.pdf