Shopping centre operator, Federation Centres, is selling three properties in Tasmania for $85 million.

The Glenorchy Central, Meadow Mews, and Burnie centres will be sold to SCA Property Group at a four per cent premium to their combined book value, Federation Centres said.

The deal comes as Federation Centres adjusts its shopping centre portfolio as it acquires rival shopping centre operator Novion Property Group.

The restructure will continue, with both purchases and sales, CEO, Steven Sewell said.

SCA Property Group has launched a $50 million capital raising, offering units to institutional investors, to fund the purchase of the Tasmanian centres, plus a fourth in Queensland.

Securities in Federation Centres were down three cents at $2.95 at 1145 AEST, while SCA units are in a trading halt at $2.13.

AAP