X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

Stephen Faberman, vice president and corporate council for Heritage, tells GlobeSt.com that under the terms of the agreement, holders of Heritage’s common stock will receive $36.67 per share, which includes a regular dividend that has not yet been paid for the third quarter.

“As a result of the transaction, Heritage will no longer be an independent public company,” Faberman says, adding that Centro will maintain a Boston office following the merger. Centro Saturn MergerSub LLC, the affiliate that acquired the Boston REIT, could not be reached for comment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.