Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, February 27, 2011

Australia's Centro to sell U.S. assets to Blackstone - source

Australia's debt-laden shopping mall owner Centro Properties has agreed to sell its U.S. shopping mall assets to private equity firm Blackstone Group , a source said Monday. Blackstone agreed to pay $9.4 billion for the assets, a source familiar with the transaction told Reuters, confirming media reports. Consortiums including Morgan Stanley Real State and New York-based NRDC Equity were also looking at the assets, the source said. Centro shares were earlier places in a trading halt ahead of an announcement about a potential transaction. (Reporting by Michael Smith; Editing by Balazs Koranyi)

Source