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$3B Merger Set to Close

BOSTON-The merger with Centro Property Group will end Heritage's status as an independent public company and establish Centro as the ninth largest owner and manger of property in the US.

By Beverly Ford | Updated on October 04, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BOSTON-Locally based Heritage Property Investment Trust Inc., one of the largest owners of community shopping centers in the US, has approved a $3.2-billion merger with Centro Properties Group, an Australian firm that owns and manages more than $11 billion in real estate assets in Australia, New Zealand and the US. The merger will establish Centro as the ninth largest owner and manager of retail property in the US, the company said in a statement to shareholders. Heritage, which owns 171 shopping centers in 30 states valued at more than $3.2 billion, said in a statement that shareholders approved the merger, which is set to take effect Oct. 5.

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