Property giant Novion says its expects its $22 billion merger with Federation Centres will be implemented in June, as it reaffirms its full-year targets after posting a strong half-year profit increase.
Novion lifted its profit for the six months to December 31 to $412.7 million, an increase of 119.3 per cent on the first half of fiscal 2014.
Revenue for the group came in at $420.1 million, a significant increase on the $374.7m result the group posted in the prior corresponding half.
Novion will pay an interim dividend of 6.9c, which matched its guidance.
Shares in Novion are up 17 per cent for the year to date, while the wider market has increased 8.3 per cent. Shares rocketed after it was announced that the group was entering a merger agreement with Federation Centres to create a $22b Australian real estate investment trust.
Novion said it expects the Federation Centres deal to be implemented in June, with the company's security holders expected to meet and vote on the deal in May.
Novion said it was well on track to meet its full-year targets, including a distribution of 13.8c per share.