Australian Shopping center owner and developer Centro Properties Group (Profile) said it has agreed to acquire Heritage Property Investment Trust (Profile), a US-listed retail property real estate investment trust, for 1.83 billion USD.

Heritage is made up of 157 shopping centers across 27 states with a value of 3.2 billion usd.

In October 2004, Centro merged with Prime Retail Group, acquired retail properties, predominantly based on the east coast of the United States, including a portfolio comprising three power centers in Atlanta, Georgia and Kramont Realty Trust. On July 8, 2005, the Company acquired West End Plaza, Albury.

Centro was advised by J.P. Morgan Securities. Heritage was advised by Wachovia Securities.