Centro Properties Group says noteholders have agreed to extend five loans worth $370m due to mature this month.

As part of the extensions, about $45m of the loan amount now would be repaid from the proceeds of asset sales, $52m would be extended to December next year and $273m would be extended to December 2011, Centro said.

The loans are part of 13 commercial property loans that formed a commercial mortgage-backed security program that issued $900m in notes in December 2006.

'The support from CMBS noteholders to extend the facilities demonstrates a degree of renewed confidence from the CMBS market in Australian retail property and the quality of centres owned by Centro funds,' Centro chief executive Glenn Rufrano said.

The Australian