Centro Watt, a joint venture of Centro Properties Group, Melbourne, Australia, and Los Angeles-based Watt Commercial Properties, has announced an agreement to acquire Heritage Property Investment Trust, a Boston-based real estate investment trust, for $36.15 per share.The total transaction is valued at approximately $3.2 billion, including debt to be assumed or repaid. The Heritage Trust portfolio consists of 157 neighborhood and community shopping centers in 27 states. "This is a significant transaction for Centro Watt and will make us the ninth-largest owner/manager of retail properties in the U.S.," said Mark Wilson, chief operating officer of Centro Watt. The companies can be found on the Web at http://www.centrowatt.com and http://www.heritagerealty.com.

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