Ashurst has advised Novion Property Group (Novion) on its A$12 billion merger with Federation Centres (Federation) which today created one of the largest real estate investment trusts in Australia, and an ASX top 30 entity with over A$22 billion in assets under management.

The Merged Group is one of Australia's largest retail property groups, with more than 5,000 retailers occupying the 102 retail centres managed by the Group. The merged entity has a market capitalisation of more than A$12 billion.

Co-lead partner on the deal Kylie Lane said: "Ashurst is delighted to have assisted Novion Property Group on this landmark merger. This transaction has created one of the leading real estate investment trusts in the country with strong growth opportunities.

"We wish to congratulate our client Novion and their internal legal team led by Brian McFadyen."

Lead partners on the deal were Garry Besson and Kylie Lane, with support from partners Anton Harris (Corporate) and Michael Ryland (Funds); and senior associate Andrew Kim (Corporate). Partner Bill Reid (Competition) led the ACCC clearance process and partner Jennie Mansfield (Disputes) advised on employment. Partner Paul Jenkins and Hong Kong based partner Nigel Pridmore (Finance) advised Novion on debt capital markets and banking aspects.