In 2003, Watt teamed up with Australia's Centro Properties Group and formed Centro Watt, a joint venture that sought to build a significant national shopping center ownership and management platform in the US. Watt provided the investment and management expertise and access to deal flow that Centro required to enter the US market to help them meet the significant demand for retail property investments from their pension fund investors in Australia. During its three and a half year span, the venture completed numerous significant acquisitions, including the purchase of New Plan Excel Realty Trust, Inc. (NYSE: NXL), a $6.2 billion transaction. In total, the venture acquired over 700 retail centers with more than 155 million square feet, with properties located in 38 states and a total asset value in excess of $11.0 billion. After reaching the shared objective of building a strong US retail platform, Watt successfully exited the joint venture as planned in May 2007, allowing us to realize the value we created and pursue other attractive opportunities to create new value with other strategic partners.

The success of Centro Watt underscores Watt's ability to provide highly strategic real estate services to non US-based real estate property groups seeking to acquire and manage high quality real estate properties in the United States, and also underscores Watt's world-class value creation capabilities.

Developed by: Watt Realty Advisors and Centro Properties Group