Thursday, March 3, 2011

Blackstone buys West Park Mall

CAPE GIRARDEAU, MO (KRCU) - Cape Girardeau’s West Park Mall is changing hands.

The mall was recently purchased by U.S. based BRE Retail Holdings Inc., an affiliate of Blackstone Group LP.

West Park is one of 588 shopping malls owned by the Australian-based Centro Properties Group. Centro sold all of its mall holdings to Blackstone. The transaction means that approximately 96 million square feet of real estate will come under Blackstone's control, according to Centro’s website. The $9.4 billion purchase will covers debt amassed by Centro.

Blackstone Group LP is a global investment firm. The office administering this acquisition is based out of New York City.

Much of the money will go to reimbursing Centro’s stockholders.

Daniel Rohr, KRCU


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