NEW YORK CITY-Centro Properties Group has completed the acquisition of locally based New Plan Excel Realty Trust Inc. The merger between Super MergerSub Inc, a Centro affiliate, and New Plan is valued at $6 billion.

“We are pleased to announce the successful completion of Centro’s acquisition of New Plan, and we are excited with the opportunity this acquisition represents for Centro,” says Andrew Scott, Centro CEO, in a statement. “Centro Watt’s fully integrated national platform is well placed to manage the diverse style and geographic mix of its expanded US retail property platform.”

As of Thursday, 88% of the outstanding New Plan shares had tendered and accepted payment MergerSub’s offer. MergerSub plans to utilize its top-up option as $33.15 per share. All outstanding New Plan shares are worth $33.15 per share in cash.

Centro, an Australian company, has gained 467 shopping centers in 38 states through the New Plan deal. Last year, Centro completed a $3.2-billion acquisition of Heritage Property Investment Trust taking 171 centers in that deal, as well as a $610-million deal for the 93-property Kramont Realty Trust in 2004. first reported the merger in March. At the time Glenn Rufrano, New Plan’s CEO said the transaction “accomplishes our ultimate objective of maximizing shareholder value.”

Centro is said to have A$15.6 billion of funds under management and a market capitalization of A$7.6 billion. It is the largest manager of retail property investments in Australia.

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