Blackstone Snaps Up Equity One Malls For $473M

Law360, New York (September 27, 2011, 4:07 PM EDT) -- Real estate investment trust Equity One Inc. announced Monday that it is selling 36 shopping centers to a Blackstone Group LP fund for more than $473 million in an effort to focus on markets in California and the Northeast.

Blackstone Real Estate Partners VII agreed to purchase three dozen shopping centers across the Southeast that are encumbered by roughly $177 million in mortgage loans but 91 percent occupied, generating $35 million in income in the past year, according to Equity One.

“We are very pleased to...
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