Private equity firm Blackstone Group LP has bought nearly 600 U.S. shopping malls from Australia's debt-laden Centro Properties for $9.4 billion in one of the biggest global property deals since the credit crisis. Blackstone, making its first major entry into U.S. retail real estate, was expected to recapitalise the portfolio of mainly neighbourhood shopping centres before seeking a return on the investment in 3-5 years, Centro executives said on Tuesday. 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.
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