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JPMorgan has auctioned around $340 million of its remaining debt in the Centro Properties Group (ASX:CNP) holding company, according to the Australian Financial Review.
According to sources, the bank set a reserve price of 78 cents in the dollar for the debt.
The Royal Bank of Scotland had sold its debt as low as 43 cents in the dollar last July.
The better price reflects the improved outlook for repayment of the HoldCo debt after the sale of Centro US assets to Blackstone Group and a proposed debt-for-equity swap in Australia.
Centro Properties Group reported a net profit of $790 million for the half year ended December 31, 2010.
