Federation Centres Limited
(ASX:FDC) and Novion Property Group
(ASX:NVN), formerly CFS Retail Property Trust Group, have outlined plans to merge.
Both groups have entered into a merger implementation agreement to create what they expect will be one of Australia’s leading real estate investment trusts.
The merged entity is expected to have a market value of more than $11 billion with more than $22 billion in assets under management invested across 102 retail assets.
While both boards unanimously back the merger the transaction requires court, regulatory and Novion Property Group shareholder approvals.
Federation Centres reported a net profit of $441 million in the 2014 financial year.
