Aug. 14 (Bloomberg) -- Centro Properties Group may be planning to sell its A$420 million ($367 million) stake in three shopping centers in West Australia state to help refinance loans, the Australian Financial Review reported.

Centro Galleria, Centro Mandurah and Centro Halls Head may be sold as part of Chief Executive Officer Glenn Rufrano's plan to unwind the Centro Australia Fund to refinance debt before a Sept. 30 deadline, the newspaper said, citing unidentified sources.

A single Australian bidder, advised by Jones Lang LaSalle, was negotiating with Centro for its mall stakes, the Review said.

To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net

Last Updated: August 13, 2008 17:24 EDT