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Property giant trusts in firms
Two real estate investment groups have merged, creating one of the largest real estate investment trusts in Australia.
Felicity Nelson
Firms: Ashurst and Herbert Smith Freehills (Novion Property Group); Allens (Federation Centres).
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Deal: Novion Property Group merged with Federation Centres.
Value: A$12 billion
Area: M&A
Key players: Partners Garry Besson and Kylie Lane (pictured) from Ashurst led the deal, with support from partners Anton Harris, Michael Ryland and senior associate Andrew Kim.
Deal significance:
This merger has created one of the biggest real estate investment trusts in Australia, and an ASX top 30 entity with more than A$22 billion in assets under management.
The merged group is one of Australia's largest retail property groups, with more than 5,000 retailers occupying the 102 retail centres managed by the group.
"Ashurst is delighted to have assisted Novion Property Group on this landmark merger.” Ms Lane said
“This transaction has created one of the leading real estate investment trusts in the country, with strong growth opportunities.
"We wish to congratulate our client Novion and their internal legal team, led by Brian McFadyen."
