Centro plans a name change

Shopping centre owner Centro Retail Australia is changing its name just 12 months after a massive company overhaul that kept the once debt-laden company afloat.

The company has chosen Federation Centres as its new name, and will ask shareholders to vote on the change at a meeting on January 22.

Centro was one of Australia's highest-profile casualties of the global financial crisis, succumbing to massive debts due mainly to its exposure to the US market.

It underwent a complicated restructure to eventually become Centro Retail Australia in December 2011, with a sole focus on Australian shopping centres.

Centro currently owns 41 shopping centres.

Chairman Bob Edgar said the name change would continue the company's transformation.

"Our proposal to become Federation Centres is much more than a simple name change," he said in a statement.

"It also demonstrates the renewal actions taken by the organisation during the past year.

We now have a clear path forward with a new board, refreshed management team and a clear strategic direction."

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