Blackstone to Purchase Centro Malls for $9.4 Billion

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The Blackstone Group (BX) will acquire nearly 600 U.S. Shopping malls and other properties from Centro Property Group. The transaction is valued at $9.4 billion. Reuters reported that Blackstone beat out rival bidders, including Morgan Stanley Real Estate (MS), and NRDC. The deal is expected to expand the Blackstone's property portfolio, and will add 560 U.S. shopping centers. Tenants will include Kroger (KR), Safeway (SWY), Stop & Shop and others.Blackstone shares are up 0.39% or $0.07 to $17.83.

Credit: Financial News Network

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