Blackstone Fund to Pay $473M for Shopping Centers

Monday, 26 Sep 2011 05:36 PM

 

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A Blackstone Group LP fund agreed to buy 36 shopping centers, most anchored by grocery stores, from Equity One Inc. for $473.1 million.

Blackstone Real Estate Partners VII will buy the properties, which are primarily in the U.S. Southeast, Equity One said Monday in a statement. The portfolio was 91 percent occupied at the end of June, the North Miami Beach, Florida- based developer said. The transaction is scheduled for completion in the fourth quarter.

Retail centers with supermarkets are attracting investors because of the perceived safety of properties that consumers have to visit for necessities even in a slow-growing economy. Sales of U.S. grocery-anchored retail properties in the first half of this year exceeded the total for all of 2010, according to research company Real Capital Analytics Inc.

Another fund affiliated with New York-based Blackstone, the world’s biggest private-equity firm, bought the U.S. real estate of Australia’s Centro Properties Group for about $9 billion in June. The Centro deal included 585 community and neighborhood shopping centers in 39 states.

Equity One, which builds and operates shopping centers, plans to use proceeds from the sale to retire debt and pay for redevelopment and acquisitions.

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