Ashurst has advised Novion Property Group (Novion) on its A$11 billion merger with Federation Centres (Federation) which will create the third largest real estate investment trust in Australia and an ASX top 30 entity with over A$22 billion in assets under management.

Novion Property Group is one of Australia's largest retail property groups, with more than 5,000 retailers occupying the 36 retail assets managed by the Group. The merged entity will have a market capitalisation of more than A$11 billion.

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 senior associate Anton Harris, along with Andrew Kim, senior associate, David Plant, lawyer (Corporate); partner Michael Ryland and senior associate Sarah Galloway (Funds); partner Paul Jenkins, senior associates Kenneth Tang and Stanley Mok and lawyers Rahul Sagar, Brandy Tsang, Lin Lu and James Foo (Banking); partners Barbara Phair and Geoff Mann, special counsel Bill Cannon and senior associate Elke Scevak (Stamp Duty); partner Bill Reid and lawyer John McKellar (Competition); partner Sonia Tame and senior associate Jonathon Ellis (Disputes); partner Kellech Smith and lawyer Adele Llewellyn (IP); and partner Jennie Mansfield and special counsels Corey Lewis and Julia Sutherland (Employment/Governance).