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Australia: Two of Australia’s largest property groups in $11 billion merger

By  |  February 3, 2015

Two of Australia’s largest property groups, Novion and Federation Centers, say they will merge to create an $11 billion company.

The merged group will own and manage 102 malls. There will also be a large exposure to food-based centers, which have been the growth engine of the retail sector in the past two years.. In all, the merged entity will have $18.2 billion in annual retail sales, assets under management of $22 billion and a listed market value of $11 billion.

The merger will be subject to Novion shareholder approval, with Federation acting as the suitor. Both company boards support the deal, which is also subject to FIRB approval.

 

Full Content: The Sydney Morning Herald

 

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