Centro Properties Group, which specializes in the ownership, management and development ofshopping centers, confirmed the successful closing of its U.S. assets and platform of Centro Properties Group this week. BRE Retail Holdings Inc., an affiliate of Blackstone Real Estate Partners, purchase the US assets and platform of Centro Properties Group and its managed funds for approximately $9.0 billion.
"This transaction is indicative of the strength of [Centro's] US platform, including the high quality and diversification of its asset base and operating capabilities," said Michael Carroll, CEO of Centro Properties Group US. "We are fortunate to have such a sophisticated investor as Blackstone as our partner. Together, we look forward to building a premier retail real estate company."
"We are extremely excited about this transaction, which enables us to expand our retail real estate presence with a leading platform," said A.J. Agarwal, Senior Managing Director of The Blackstone Group. "The Company is well-positioned today with an attractive portfolio comprised of strategically located assets in dense, infill markets with productive grocer anchors. We look forward to partnering with the Company's experienced management team to help them pursue the growth opportunity embedded within this portfolio."
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