Blackstone Group LP’s Brixmor Property Group Inc., the second-largest owner of U.S. neighborhood shopping centers, plans to spend about $300 million to redevelop properties, its chief executive officer said.
Blackstone Group LP’s $9.4 billion purchase of Centro Properties Group ’s U.S. malls is the latest sign that Australian real-estate investment trusts are eliminating debt from the takeover boom that started in 2005, cutting the cost of insuring against defaults to a 10-month low.
Creditors of Battersea Power Station asked a court to put the landmark property’s owner into administration the day after U.K. Chancellor of the Exchequer George Osborne backed a London Underground extension to boost the area’s development.
The new head of Australia’s financial markets watchdog intends to “crack down” on unfair disclosures that cause sudden changes in stock prices, and require company directors, auditors and bankers to ensure fair and open markets.
Centro Properties Group is seeking a partner to manage 50 shopping centers and buy part of the company’s equity in the syndicates holding them, the Australian newspaper reported, citing a document sent to prospective buyers. Interested parties may include Colonial First State Global Asset Management, AMP Capital Ltd., Challenger Financial Services Group Ltd., Lend Lease Group and GPT Group, according to the report.
Centro Retail Australia, formed from a mall manager’s reorganization, and PricewaterhouseCoopers agreed in principle to a settlement of A$200 million ($202) million with Centro shareholders who claimed they were misled.