Blackstone in bid for Centro US properties

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Share whatsapp Monday 28 February 2011 7:34 pm Blackstone in bid for Centro US properties KCS-content center_img whatsapp Tags: NULL Show Comments ▼ PRIVATE equity firm Blackstone Group has struck a deal to buy nearly 600 US shopping malls and other properties from Australia’s Centro Property Group for about $9.4bn, according to sources with direct knowledge of the transaction.Blackstone beat rival bidders that include Morgan Stanley Real Estate, which had teamed up with Starwood Capital Group, and New York-based NRDC, said the source.The portfolio includes 560 US shopping centres, whose tenants include grocery store operators such as Kroger, Safeway, and Koninklijke Ahold, which owns Stop & Shop and Giant.It is the latest addition to Blackstone’s rapidly expanding property empire, which includes the Hilton hotels chain. A sale would allow Centro to reduce its debt load.Centro shares were halted ahead of an expected announcement today. A Centro spokeswoman declined to comment, while Blackstone wasnot immediately available.The $9.4bn purchase price equals book value for the assets, according to the source.Centro was one of corporate Australia’s first casualties of the global credit crisis, having saddled itself with too much debt.The company said last week that its total portfolio was valued at A$16.5bn (£10.3bn), while it has A$16bn in debt.Asset sales would need approval from Centro’s lenders, mainly hedge and distressed debt funds.Blackstone is unusual among private equity firms in having a large number of real estate investments. It oversaw $33.2bn of real estate assets at year-end, up 63 per cent from a year earlier, according to a Friday regulatory filing. Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wraplast_img