Centro Announces US Platform Changes

Centro Properties Group (ASX:CNP) ("Centro”) today announced a series of related measures designed to maximize its expanded US platform. Effective July 1, 2007, Centro will assume full control of the Centro Watt joint venture and will be known as Centro in the United States, as it is in Australia. This includes all current Centro Watt staff. Glenn J. Rufrano Appointed CEO of US Operations Centro also announced that it has named Glenn J. Rufrano as Chief Executive Officer of its US operations. Mr. Rufrano has also joined Centro’s Executive Committee. Mr. Rufrano served as Chief Executive Officer of New Plan Excel Realty Trust ("New Plan”) from February 2000 until its acquisition by Centro in April. Senior Management Named In addition to Mr. Rufrano, a new US Management Committee has been formed and will be comprised of: Dean Bernstein, Executive Vice President, Acquisitions / Dispositions John Braddon, Executive Vice President and Chief Financial Officer Leonard Brumberg, Executive Vice President, Portfolio Management Michael Carroll, Executive Vice President and Chief Operating Officer Basil Donnelly, Executive Vice President and General Counsel, Property Tom Lorenzen, Executive Vice President and Chief Investment Officer Michael Moss, Executive Vice President and National Director of Leasing Steven Siegel, Executive Vice President and General Counsel, Corporate John van de Waterbeemd, Executive Vice President, Shared Services Regional Structure Reinforced In order to effectively lease and manage its more than 650 retail properties located across 40 states, Centro will utilize a regional operating structure in the US with eight regional offices located in Boston, Philadelphia, Atlanta, Orlando, Detroit, Chicago, Houston and Los Angeles. Andrew Scott, Chief Executive Officer of Centro, commented, "Centro is now the fifth largest owner/manager of shopping centers in the US which positions Centro to further grow its retailer relationships and development and leasing capabilities. I have the utmost confidence in the new Management Committee. The Management Committee is comprised of experienced and knowledgeable retail property executives who represent a broad cross-section of the US companies we have acquired as well as Centro executives from Australia currently on secondment to the US. The Centro US team now comprises over 800 staff, and will continue adding value to the significantly expanded property portfolio.” About Centro Centro Properties Group specialises in the ownership, management and development of shopping centres. Centro is Australia’s largest manager of retail property investment syndicates with over 80% market share as well as being a leading manager of direct property funds and wholesale funds which invest in Centro’s quality retail properties in Australasia and the United States. Centro has a market capitalisation of $8 billion and funds under management of over $25.5 billion. Centro continues to maximise returns to investors through its customer focused and value adding team based approach. Please visit www.centro.com.au. With its acquisition of New Plan and its announced purchase of the Centro Watt joint venture, Centro is now the fifth largest owner of shopping centers in the US and focuses on community and neighborhood shopping centers and regional malls. Its portfolio of more than 650 properties is strategically located across 40 states and aggregates approximately 111 million square feet of gross leasable area. For more information on Centro in the US, please visit www.centroprop.com.