On 9 May 2006, Westfield announced the sale of seven United States shopping centres which it deemed to fit outside its strategic plan, which Centro subsequently acquired.

[12][13] In June 2011, the Federal Court of Australia found that eight executives and directors of Centro breached the Corporations Act by signing off on financial reports that failed to disclose billions of dollars of short-term debt.

The legal action was commenced by the Australian Securities & Investments Commission, who sued Andrew Scott (ex-CEO), Brian Healey (former chairman), Paul Cooper (current chairman), Romano Nenna (ex-CFO), former non-executive directors Peter Wilkinson, Sam Kavourakis and Peter Goldie, and Jim Hall, who remains on the board.

[14] A class action from investors seeking A$200 million in damages due to alleged deceptive conduct and breaches of continuous disclosure obligations has commenced in the Federal Court against Centro Properties Group, Centro Retail Group, and their auditors, PricewaterhouseCoopers, and relate to conduct from August 2007 to February 2008.

CNP Security holders, Convertible Bondholders and Hybrid Lenders received their relevant proceeds, allocated as follows: Centro Properties Group has changed its name to CNPR.

CNP managed funds including CRT, CAWF and DHT aggregated their respective portfolios to create the listed Australian retail property trust, CRF.

CRF was formed by the stapling of CRL, CRT, CAWF and DHT through schemes of arrangement that were approved by the Supreme Court of New South Wales on 1 December 2011 (the Aggregation).

[18][19] The firm underwent a leadership transition when Grant Kelley, who served as the CEO of Vicinity Centres from 2018 to 2022, announced his retirement on 31 October 2022.

[22][23] Each retail property typically has its own name, such as "The Glen" or "Colonnades",[24] which reflects the way that the local communities refer to the shopping centre and a logo that contains the Vicinity's ribbon swirl.

[25] Vicinity is the second largest shopping centre investment and management company by GLA (gross lettable area) in Australia,[26] and provides retail space to Coles and Woolworths.