Retail Conglomerate Centro is Sold
Centro Property Group, an Australian retail conglomerate that owns hundreds of strip malls and other retail properties in the U.S., has been acquired for $9.4 billion by private equity firm Blackstone Group.
According to Bloomberg News, Centro owns 588 malls in the U.S.
The deal is seen as a bet by the private equity giant that the commercial real estate market is on the rise. The deal is Blackstone's largest in nearly four years, Bloomberg said.