Aussie REIT Buying New Plan

Centro Properties Group, an Australian real estate investment trust, is acquiring New Plan Excel Realty Trust, a New York-based retail REIT, in a deal valued at $6.2 billion.New Plan said its common shares are being acquired for $33.15 per share and Centro is assuming some New Plan debt. The acquisition price represents a 12.9% premium over New Plan's closing stock price on Feb. 27, according to New Plan. The New Plan portfolio comprises 467 properties located in 38 states, with a total of over 68 million square feet. "Centro Watt's fully-integrated national platform is well placed to manage the diverse style and geographic mix of its expanded U.S. retail property platform," said Andrew Scott, Centro's chief executive officer. The companies can be found on the Web at http://www.centro.com.au and http://www.newplan.com.