Blackstone will buy Centro's mall assets
By Michael Smith |
March 1, 2011, Tuesday
|
Print Edition
Print Edition
PRIVATE equity firm Blackstone Group will pay about US$9.4 billion for the US shopping mall assets of Australia's debt-laden Centro Properties after winning a three-way bidding contest, a source with knowledge of the transaction said yesterday.
Blackstone beat rival bidders including Morgan Stanley Real State, which had teamed up with Starwood Capital Group and New York-based NRDC, the source said.
Blackstone agreed to pay book value for the assets which Centro has valued at around US$9.4 billion, the source said, confirming media reports.
Shares in Centro were earlier placed in a trading halt ahead of an expected announcement about a potential transaction.
Centro narrowed down bidders for the US shopping mall assets to three consortiums, including Blackstone, sources told Reuters on February 9 and the final bids for the 600 US properties were due by the end of February.
Blackstone beat rival bidders including Morgan Stanley Real State, which had teamed up with Starwood Capital Group and New York-based NRDC, the source said.
Blackstone agreed to pay book value for the assets which Centro has valued at around US$9.4 billion, the source said, confirming media reports.
Shares in Centro were earlier placed in a trading halt ahead of an expected announcement about a potential transaction.
Centro narrowed down bidders for the US shopping mall assets to three consortiums, including Blackstone, sources told Reuters on February 9 and the final bids for the 600 US properties were due by the end of February.
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