A merged Federation will be a formidable force

There's compelling strategic and financial logic to the merger between retail property players Novion and Federation Centres.

It was Commonwealth Bank’s decision last year to exit the property trust sector and internalise the management of three trusts that opened the door to today’s $22 billion merger of Federation Centres and Novion.

Until Novion (formerly CFS Retail) was set free by CBA there were few large-scale opportunities to consolidate a sector dominated by Scentre Group, the re-badged Australasian arm of the Westfield Group.


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