Struggling shopping mall operator Centro Properties Group said more than 2.5 billion Australian dollars ($2 billion) has been wiped out from the value of its properties in the United States and Australia this year.
Preliminary property valuations for portfolios in the two countries at the end of June revealed a decline of A$2.62 billion ($2.1 billion), the company said in a statement Tuesday.
The statement did not give a combined value for portfolios in both countries but said its Australian managed property portfolio was worth A$7.69 billion at June 30, down from A$8.17 billion at the end of December and A$9 billion a year earlier.
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