Australia’s ninth largest listed property trust will be created through the merger of Centro Shopping America Trust (CSAT) and Centro Retail Trust (CRT).
CSAT plans to acquire the portfolio of $2.2 billion Australasian and US retail properties from Centro Properties Group
The merged entity will trade as Centro Retail Trust and have a $10.1 billion property portfolio.
“The merger would create a combined entity which would be better positioned for future growth through a stronger portfolio, balance sheet, financial capacity and platform,” Centro chief executive Andrew Scott said.
“The combined entity would be well placed to add value for its investors by capitalising on suitable growth opportunities in Australasia, the US and potentially Europe.”
CSAT security holders will receive 0.655 CRT securities for each CSAT security held, together with a special distribution of 29 cents for each CSAT security held.
The merger is subject to the approval of security holders. They will meet on October 12 to discuss the move.
