Centro US Assets Close for $9B

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."

For more news and information visit Blumberg Capital Partners.

$471M JV With Inland American and Centro

A definitive joint venture has been announced this week between Inland American CP Investment, LLC, a wholly owned subsidiary of Inland American Real Estate Trust, Inc., and Centro NP Residual Holding LLC, a subsidiary of Super LLC, which is jointly owned by CER, Centro Properties Group and CMCS40, on 25 retail shopping centers with a total value of approximately $471 million according to a CoStar report.

Goldman Sachs and J.P. Morgan provided the joint venture 10-year CMBS financing of approximately $310 million secured by 24 properties within the joint venture. "We believed that these were quality properties when we purchased the original loan participation, and this new joint venture agreement reaffirms that we still believe in them," said Michael Podboy, Vice President, Inland American Business Manager & Advisor, Inc. "We are excited about our partnership with Centro and the resolution of our existing participation on a portion of the prior first mortgage loan as it provided an attractive business deal. These are high-traffic shopping centers with high occupancy rates, which demonstrates their strong mix of national and regional retail tenants, including Wal-Mart, Publix, Kroger, Best Buy, Kohl's, Staples, Bed Bath & Beyond and T.J. Maxx."

For more news and information visit Blumberg Capital Partners.