Australia's Centro Up For Sale

Sydney, Australia Australia’s Centro Properties Group said it is seeking potential buyers for all or part of the business.

Shares in Centro, the second-largest shopping mall owner in Australia and the fifth-largest in the U.S., shot up as much as 23% on the news, but are still down about 80% since it warned in mid-December that it was struggling to refinance $1.3 billion of debt. Centro's market value has shrunk below $1 billion.

Centro's Chairman Brian Healey said in a statement that the group had already received a significant number of unsolicited approaches in recent days, prompting the move to invite expressions of interest.