Centro Retail (ASX:CER) has decided to purchase Centro Properties Group (ASX:CNP) as it looks to consolidate its assets.
The new group will be called Centro Retail Australia, and is forecast to deliver an FY12 distribution yield of approximately 5%.
CER said the consolidated entity is likely to have the size and scale to enhance long-term value and moderate gearing levels.
The takeover announcement has seen CNP rocket almost 60% so far today, making it one the top performers in the stock market.
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