Sunday, July 9, 2006 9:56 PM

Mall owner Heritage Property to be bought

(Boston - AP) — Strip-mall owner Heritage Property Investment Trust says it has agreed to be purchased in a deal worth about three-point-two billion dollars.

The buyer is Centro Watt, an Australian and US joint venture.

Boston-based Heritage owns 171 shopping centers in 30 states.

Centro Watt is a partnership between Centro Properties Group, a publicly traded Australian company, and privately held Watt Commercial Properties of Los Angeles.

It would pay 36-dollars-15 a share — 3.3 percent above Friday's close on the New York Stock Exchange.

The deal includes a reported one-point-five billion in debt.

Completion of the transaction is expected in the fourth quarter.

(Copyright 2006 by The Associated Press. All Rights Reserved.)

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