Blackstone Group will acquire Centro Properties Group’s 588 U.S. shopping centers, The Wall Street Journal reports. The U.S. private-equity firm will pay around $9.4 billion in a deal that will allow Centro’s Australian operations to continue as a stand-alone company. Morgan Stanley Real Estate Fund VII and Starwood Capital had also partnered for a joint bid, while NRDC Equity Partners and AREA Property Partners made a combined offer for the properties. UBS and JP Morgan were appointed to manage the sale process for Melbourne-based Centro, adds Reuters.

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