Centro Retail Australia has sold half-ownership stakes in three of its shopping centres to billionaire Stan Perron for $690.4 million.

Centro had been offering 50 per cent stakes in Galleria in Perth, The Glen in Melbourne and Colonnades in Adelaide since April.

The successful bidder was Perth property group Perron, which is controlled by Mr Perron.

Centro Retail chief executive Steven Sewell said the deal was a “redefining moment” for the company, which was formed from the restructure of debt-laden Centro Group.

The proceeds of the deal would be used to reduce Centro Retail’s debt, taking its gearing to about 26 per cent, he said.