STEVEN Sewell, chief executive of Federation Centres, the rebadged real estate investment trust formerly known as Centro, has signalled a cautious approach to spending as he focuses on a "back to the future" strategy to win back investors. Mr Sewell, who took the reins at Federation early last year from Robert Tsenin after the debt restructure of the Centro empire, said there were no plans to acquire additional properties, and it would use capital to buy assets in its syndicate business and organically grow properties.