AIRLINK 74.25 No Change ▼ 0.00 (0%)
BOP 5.03 Decreased By ▼ -0.02 (-0.4%)
CNERGY 4.43 Increased By ▲ 0.01 (0.23%)
DFML 37.64 Increased By ▲ 1.80 (5.02%)
DGKC 91.10 Increased By ▲ 3.10 (3.52%)
FCCL 22.75 Increased By ▲ 0.55 (2.48%)
FFBL 32.66 Decreased By ▼ -0.06 (-0.18%)
FFL 9.74 Decreased By ▼ -0.05 (-0.51%)
GGL 10.87 Increased By ▲ 0.07 (0.65%)
HBL 115.85 Decreased By ▼ -0.05 (-0.04%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 10.10 Increased By ▲ 0.26 (2.64%)
KEL 4.61 No Change ▼ 0.00 (0%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 40.50 Increased By ▲ 0.62 (1.55%)
OGDC 137.48 Decreased By ▼ -0.42 (-0.3%)
PAEL 26.50 Increased By ▲ 0.07 (0.26%)
PIAA 25.38 Decreased By ▼ -0.90 (-3.42%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 122.80 Decreased By ▼ -0.10 (-0.08%)
PRL 26.88 Increased By ▲ 0.19 (0.71%)
PTC 14.09 Increased By ▲ 0.09 (0.64%)
SEARL 58.90 Increased By ▲ 0.20 (0.34%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.40 Increased By ▲ 0.04 (0.39%)
TELE 8.63 Increased By ▲ 0.07 (0.82%)
TPLP 11.23 Decreased By ▼ -0.15 (-1.32%)
TRG 64.99 Increased By ▲ 0.76 (1.18%)
UNITY 26.59 Increased By ▲ 0.54 (2.07%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 7,855 Increased By 16.7 (0.21%)
BR30 25,541 Increased By 81.8 (0.32%)
KSE100 75,196 Increased By 265.2 (0.35%)
KSE30 24,182 Increased By 36.1 (0.15%)
Top News

Blackstone acquires Centro's US property assets for $9.4bn

SYDNEY: Private equity firm Blackstone Group LP has acquired 588 US shopping mall assets from Australia's debt-laden p
Published March 1, 2011

SYDNEY: Private equity firm Blackstone Group LP has acquired 588 US shopping mall assets from Australia's debt-laden property group Centro Properties for $9.4 billion in one of the biggest global property deals since the credit crisis.

Centro confirmed on Tuesday it had agreed to sell its US assets to Blackstone as part of a major restructure, marking Blackstone's first major entry into US retail real estate.

Blackstone beat rival bidders including Morgan Stanley Real Estate which had teamed up with Starwood Capital Group as well as New York-based NRDC, a source familiar with the transaction told Reuters on Monday.

Centro did not name the other bidders on Tuesday but said it had received a number of bids for the assets.

Blackstone acquired the assets for $9.4 billion, including debt. The US assets were acquired at a 1.3 percent discount to Dec. 31 book values, Centro said.

The total equity proceeds going to Centro and its various managed funds under the deal is $1.38 billion with proceeds to repay debt.

The deal is expected to close mid-2011.

Centro also announced on Tuesday it had reached a debt restructure agreement with lenders and was in talks on establishing a listed Australian retail property portfolio as part of a wider restructure.

Centro's stapled securities were trading 10 percent higher at 16.5 cents by early afternoon.

Copyright Reuters, 2011

Comments

Comments are closed.