Jurisdiction - Australia
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Ashurst Advises Novion On Merger With Federation Centres.

5 February, 2015

 

Ashurst has advised Novion Property Group (Novion) on its AUD 11bn merger with Federation Centres (Federation) which will create the third largest real estate investment trust in Australia and an ASX entity with over AUD 22bn in assets under management. The merged entity will have a market capitalisation of more than AUD 11bn.

 

Implementation of the merger requires approval by Novion security holders of Novion schemes of arrangement. Novion schemes of arrangement are required as Federation will act as the legal acquiring entity. On implementation, each Novion security will be exchanged for 0.8225 Federation securities and existing Novion security holders will own 64% of the merged group. Full implementation of the merger is expected to take place in June 2015.

 

The Ashurst team involved in the matter was led by partner Garry Besson, principally supported by partners Michael Ryland (Funds), Paul Jenkins (Banking), Barbara Phair, Geoff Mann (Stamp Duty), Bill Reid (Competition), Sonia Tame (Disputes), Kellech Smith (IP), and Jennie Mansfield (Employment/Governance).

 

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