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Federation Centres Limited (ASX:FDC) and Novion Property Group (ASX:NVN), formerly CFS Retail Property Trust Group, have outlined plans to merge.Both groups have entered into a merger implementation agreement to create what they expect will be one of Australia’s leading real estate investment trusts.The merged entity is expected to have a market value of more than $11 billion with more than $22 billion in assets under management invested across 102 retail assets.While both boards unanimously back the merger the transaction requires court, regulatory and Novion Property Group shareholder approvals.Federation Centres reported a net profit of $441 million in the 2014 financial year.
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