Centro Properties Group acquires Heritage Property Investment Trust

Australia based Centro Properties Group has announced their decision to acquire U.S. real estate investment trust Heritage Property Investment Trust.

The deal is worth around $1.7 billion and it would see Centro Properties paying around $36.15 per share in cash.

The company would also be assuming Heritage’s debt, which comes to around $1.5 billion. Heritage added that despite the announcement of this deal, they would continue to pay its regular quarterly dividend of $0.525 per share on its common stock through the third quarter of 2006.

Centro expects the deal to be complete by the fourth quarter of the year.

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