Federation Centres Limited (ASX:FDC), formally Centro Retail Australia Limited (ASX:CRF), has inked a $371.4 million deal with unlisted property fund manager, ISPT.
The agreement will see Federation Centres sell its 50 per cent stake in four sub regional shopping centres and a convenience centre in New South Wales and Western Australia to ISPT.
Managing Director and CEO Steven Sewell says the transaction continues the company’s transformation, symbolised by its recent name change to Federation Centres.
Following the completion of the latest transaction with ISPT Federation Centres will have undertaken co-ownership in eight centres with a gross value of $2.1 billion.
The deal is expected to be finalised in the current half of the year and proceeds from the sale will be put to paying down debt.
Federation Centres reported a net loss of $222.9 million in the 2012 financial year.
