Blackstone Strikes $1B Deal For Stake In 40 Retail Centers

Law360, New York (February 7, 2013, 2:41 PM EST) -- Blackstone Group LP plans to buy a majority stake in 40 retail centers across the U.S. worth about $1.1 billion, including several in New York and California, a source with knowledge of the deal said Thursday.

Blackstone, continuing a recent spate of retail-oriented transactions, will pay about $274 million in cash and assume about $463 million in debt to acquire a two-thirds stake in the properties.

In connection with the deal, UBS AG will essentially exit its joint venture with Kimco for ownership of the properties,...
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