Blackstone (BX) Could Announce $9.4B Acquisition of Centro's Malls
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The Blackstone Group LP (NYSE: BX) has agreed to acquire the the shopping centers of Centro Properties Group for $9.4 billion, according to a reported on Monday from Bloomberg citing two people familiar with the matter.
The deal may be announced as early as Monday and would include Blackstone acquiring 588 malls that the price they were valued at the end of 2010. The move may allow Centro to continue its Australian operations as an independent company.
The move would signal that the world's largest private-equity firm is betting on the recovery of the U.S. commercial property market. The commercial property market values are back to where they were five years ago and are up more than 30 percent from 2009 lows.
The purchase would be the biggest since 2007 for Blackstone when it acquired Hilton Worldwide Inc.
The shopping malls to be acquired by Blackstone from Centro are located in 39 of 50 states int he U.S.
Shares of Blackstone are up 4 cents to $17.80 in premarket trade on Monday.
Shars of
The deal may be announced as early as Monday and would include Blackstone acquiring 588 malls that the price they were valued at the end of 2010. The move may allow Centro to continue its Australian operations as an independent company.
The move would signal that the world's largest private-equity firm is betting on the recovery of the U.S. commercial property market. The commercial property market values are back to where they were five years ago and are up more than 30 percent from 2009 lows.
The purchase would be the biggest since 2007 for Blackstone when it acquired Hilton Worldwide Inc.
The shopping malls to be acquired by Blackstone from Centro are located in 39 of 50 states int he U.S.
Shares of Blackstone are up 4 cents to $17.80 in premarket trade on Monday.
Shars of
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