Centro NP LLC Announces Extension of Early Tender Date, Withdrawal Deadline and Expiration...

Centro NP LLC Announces Extension of Early Tender Date, Withdrawal Deadline
and Expiration Date

NEW YORK, March 24 /PRNewswire/ -- Centro NP LLC (the "Company") today
announced that it has extended the Early Tender Date, Withdrawal Deadline and
Expiration Date for its previously announced cash tender offer (the "Tender
Offer") for any and all of its 7.40% Senior Notes due September 2009 (the
"Notes").

The Early Tender Date, Withdrawal Deadline and Expiration Date, all most
recently scheduled for 5:00 p.m., New York City time, on Monday, March 23,
2009, have been extended to 5:00 p.m., New York City time, on Friday, April 3,
2009, unless further extended by the Company. As of 5:00 p.m., New York City
time, on Monday, March 23, 2009, holders had validly tendered and not validly
withdrawn $120,315,000 aggregate principal amount of the Notes outstanding, or
approximately 80.21% of the outstanding Notes.

The complete terms and conditions of the Tender Offer, except as modified by
this press release (which supersedes our press release issued on March 9,
2009), are set forth in the Offer to Purchase, dated February 17, 2009 (the
"Offer to Purchase") and related Letter of Transmittal, which have been sent
to holders of the Notes. Except as heretofore modified and as modified
hereby, all terms and conditions of the Tender Offer will remain in full force
and effect. Holders are urged to read the Tender Offer documents carefully
before making any decision with respect to the Tender Offer. Copies of the
Offer to Purchase and Letter of Transmittal may be obtained from the
Information Agent for the Tender Offer, Global Bondholder Services Corporation
at (866) 470-4200 (toll-free) or (212) 430-3774 (collect). J.P. Morgan
Securities Inc. is the Dealer Manager for the Tender Offer. Questions
regarding the Tender Offer may be directed to J.P. Morgan Securities Inc. at
(866) 834-4666 (toll-free) or (212) 834-3424 (collect).

This press release is neither an offer to purchase nor a solicitation to buy
any of these Notes nor is it a solicitation for acceptance of the Tender
Offer. The Company is making the Tender Offer only by, and pursuant to the
terms of, the Offer to Purchase and the related Letter of Transmittal, as
amended hereby. The Tender Offer is not being made in any jurisdiction in
which the making or acceptance thereof would not be in compliance with the
securities, blue sky or other laws of such jurisdiction. None of Centro
Properties Group, Centro NP LLC, the Dealer Manager or the Information Agent
for the Tender Offer makes any recommendation in connection with the Tender
Offer.

Forward-Looking Statements

In addition to historical information, this press release contains
forward-looking statements and information within the meaning of the federal
securities laws. These statements are the Company's current views as of the
date such statements are made with respect to possible future events and
financial performance. These forward-looking statements are subject to many
risks and uncertainties that could cause actual results to differ
significantly from historical results or from those anticipated by the
Company. The most significant risks are detailed from time to time in the
Company's filings and reports with the Commission, including the Company's
Annual Report on Form 10K and subsequent periodic reports filed with the
Securities and Exchange Commission. It is advisable not to place undue
reliance on the Company's forward-looking statements. The Company does not
undertake any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

SOURCE Centro NP LLC

Stacy Slater, Senior Vice President, Investment Management, Centro NP LLC,
+1-212-869-3000, stacy.slater@centroprop.com