Investors - JUNE 15, 2015

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Australian REITs complete merger

by Andrea Waitrovich

Australia-based Federation Centres has completed its $22 billion merger with Novion Property Group, and, as part of the merger, taken ownership of a 27-property portfolio.

Novion Property Group shareholders approved the $22 billion merger with Federation Centres, creating one of Australia’s leading REITs in May. The merged entity will own or co-own 91 shopping centers across Australia, making it the second-largest owner of shopping centers in the country, the second-largest listed manager of Australian retail assets and one of the 30 largest groups on the Australian Stock Exchange.

The portfolio totals 13.3 billion square feet with a total value of $9.6 billion, according to Real Capital Analytics. The malls are valued between $56.5 million and $2 billion. 

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