Australia's Centro fails to close U.S. sale

SYDNEY, Sept 15 (Reuters) - Centro Properties Group (CNP.AX), a high-profile Australian victim of the global credit crunch, has failed to close a deal to sell almost all of its Centro America Fund, which owns 31 U.S. shopping malls, Centro said on Monday.

"Centro now advises that the due diligence period has expired and the purchaser has elected to terminate the agreement," Centro Properties said in a statement.

"Notwithstanding termination of the agreement, discussions between Centro and the purchaser are continuing. No assurance can be given that those discussions will result in the parties entering into a further agreement for sale or as to the terms of any further agreement, if entered into."

(Reporting by Mark Bendeich;)