Kramont announces completion of merger

PLYMOUTH MEETING, Pa., April 19, 2005 (BUSINESS WIRE) — Kramont Realty Trust announced it has completed its merger into an affiliate of Melbourne, Australia-based Centro Properties Limited, CWAR OP Merger Sub III Trust. Shareholders will be contacted by American Stock Transfer & Trust Company and given instructions on how to surrender their share certificates for payment.

About Centro Watt

CWAR OP Merger Sub III Trust is wholly owned by Centro Watt America III L.P., a Delaware limited partnership owned by subsidiaries of Centro Properties Group (comprised of Centro Property Trust and Centro Properties Limited), an Australian listed retail property organization specializing in the ownership, management and development of retail properties throughout Australia and New Zealand and in the United States, and by a subsidiary of Watt Family Properties, Inc., a California corporation, which does business under the name Watt Commercial Properties of California.

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