Wednesday, 2 January 2008

ANZ Bank gets naming rights

The ANZ Bank, keen to raise its profile in Sydney, has assumed naming rights of the Telstra Stadium at Sydney Olympic Park after agreeing to pay $31.5 million over the next seven years, after Telstra terminated its deal early as part of a move to wind back sporting sponsorships.

The deal follows ANZ's takeover the stadium early in 2007 in a deal worth about $190 million, after Stadium Australia Group took on too much debt.


Draft Parramatta Park conservation plan

The five-volume draft Parramatta Park Conservation and Management Plan, which forms the principal document guiding the conservation, management and operations of all lands owned by the Parramatta Park Trust

These lands include the Parramatta Park War memorial Swimming Centre, Parramatta Leagues Club car park, Old King's Oval and the Parramatta Golf Course.

The exhibition period closes on February 22.


Centro to put its cards on the table

Centro Properties Group is expected by early next week to declare the shopping centres it is looking to sell in its $2.6 billion Centro Australia Wholesale Fund. Centres in the region include Roselands, Bankstown, Seven Hills and Penrith.

Centro's board is expected to outline the options it will explore as it prepares a strategies plan to present to the group's lenders by February 15 to refinance a $3.9 billion short-term debt following the global credit crunch.

One player said in the Australian Financial Review that the Australian fund represented "the opportunity of a lifetime" as very few retail portfolios of any size had been available in the past few years.