A newly restructured Centro Properties Group will start trading today after a Supreme Court approved the schemes of arrangement on Friday.
The New South Wales Supreme Court has now paved the way for the new stapled security's listing on the Australian Securities Exchange (ASX).
The restructured group is named Centro Retail Australia and will trade under the ASX code CRF, initially on a deferred settlement basis and, from 15 December, on a normal settlement basis.
On 22 November, shareholders of the former Centro Retail Group (CER) approved resolutions that would aggregate the assets of CER, Centro Australia Wholesale Fund and Centro DPF Holding Trust.
Investors who hold CER shares receive 1 CRF share for every 5.29 CER shares.
The aggregation of the different entities will see the restructured company manage $7 billion worth of shopping centre assets across Australia.
"This is the final approval required for aggregation and now, after an extended period of uncertainty, we look forward to the formation of Centro Retail Australia," CER chairman Peter Day said on Friday.
Many financial planners had clients who were invested in Centro DPF and who have been unable to redeem their money from the fund since December 2007.
The listing of the new entity means these investors will see liquidity in the fund for the first time in four years since it closed for redemptions.
