Blackstone To Acquire Centro's U.S. Assets For $9.4B

Blackstone BX, the private equity firm, will acquire the U.S. assets of Australia-based Centro, the debt-heavy shopping mall operator, for $9.4 billion. Blackstone agreed to pay book value for the assets which Centro has valued at around $9.4 billion, Reuters reported, citing a source familiar with the matter. Blackstone was among three bidders for the Centro assets. Morgan Stanley MS and Starwood Hotels HOT teamed up to make a bid and New York-based NRDC also was in the running. Centro has just over $16 billion in assets and roughly the same amount in debt. UBS and JPMorgan are running the sale process for Centro, Reuters reported. Hedged funds and other distressed debt investors, which make up the bulk of Centro's creditors, must approve the sale.