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APN Property Group Limited (ASX:APD) has agreed to a merger with Australand Funds Management in relation to the Australand Wholesale Property Fund number six.
The groups say securities in the fund will be stapled with securities in two APN funds to create a new trust with $385 million in assets.
The trust, called Industria REIT, will be listed on the stock exchange through an initial public offering.
The trust will have a specialist workspace focus and include a portfolio of 21 industrial, business park and technology park assets.
APN generated a net profit of $1.36 million in fiscal 2013.
