Centro, which incurred a large debt after an aggressive and highly leveraged acquisition spree in the past two years, is undergoing a strategic review of its business after struggling last month to service the debt.

The company -- the worst performer on Australia's benchmark S&P/ASX 200 index in 2007 with an 89 percent slide -- had planned to pay off short-term loans that financed the spree by selling long-term debt via the commercial mortgage-backed securities market. But the lack of buyers forced it to get a two-month extension from creditors.

In statement to the Australian Securities Exchange, Chairman Brian Healey said Centro had received "a significant number of unsolicited expressions of interest" from strategic and financial investors.

As a result, "Centro is now seeking expressions of interest for key alternatives available to it," Healey said. "This will enable interested parties to substantiate their interest, and for all such proposals to be evaluated from the perspective of the best interests of all Centro stakeholders."

Options include a buyout of the group or sales of assets in Australia and the U.S., Centro said in its statement.

Chief Executive Andrew Scott said the company was trying to set up a process to evaluate offers. He declined to say how many parties have approached Centro, but added that they were both domestic and foreign investors.

The Melbourne-based company is the second-largest shopping center owner in Australia. It expanded rapidly through its acquisitions to become the fifth-largest in the United States, where it now manages nearly 700 shopping centers valued at US$14.6 billion (euro9.92 billion).

Centro shares plummeted 77 percent on Dec. 17, after the company cut its earnings forecast by 14 percent, suspended its first-half dividend and said it may have to sell properties as part of a restructure to pay back debt.

Centro shares rose 4.95 percent Wednesday in Australia to A$1.06 by late afternoon.