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Blackstone set to dispose of US shopping centers for $512m



Blackstone Group LP (BX) have agreed to the sale of a majority share in 39 shopping centers in the US to Kimco Realty Corp (KIM).
Kimco will purchase the two-third interest held by Blackstone in the properties based in Maryland, California, Florida, Texas, Virginia and New York, covering 5.6 million square feet.  The company confirmed that the transaction value is $925m, inclusive of debt.

The sale by Blackstone comes as it commences marketing of a new global real estate fund.  The private equity firm from New York took the second-largest shopping center landlord in the US, Brixmor Property Group Inc (BRX) public during October 2013.  Kimco has been simplifying its holdings by selling off some of its lower-quality assets, thus reducing its joint ventures.

Blackstone purchased the interest in the Kimco venture during June 2013 for around $733m, inclusive of debt, from the UBS Wealth Management North American Property Fund.  The financial details have not been made public but there is speculation that the firm invested around $260m of equity.  Blackstone has declined any comment.


More about shopping malls in the USA



YESTERDAY, Spain:
The outlet begins its countdown and fires the starting signal during the "Digital Lighting" event.
YESTERDAY, China:
Maison Martell officially opened L'Atelier Martell Shenzhen - a luxury boutique where you can taste and buy exclusive varieties of cognac.
YESTERDAY, USA:
The new retail store layout is expected to be very convenient for quickly and safely receiving online orders.
YESTERDAY, Spain:
Spanish company Inditex, which owns brands Zara, Pull & Bear, and Bershka, reported $ 254 million in the second quarter.
DAY BEFORE YESTERDAY, USA:
Buying fashionable clothes in Luxury Stores will be possible only by invitation.
DAY BEFORE YESTERDAY, France:
French sports goods retailer Decathlon has opened its first store in a completely new retail concept.
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