Blackstone Completes Centro Purchase

SN STAFF

NEW YORK — An affiliate of the Blackstone Group on Tuesday said it had completed its $9 billion acquisition of the U.S. assets and platform of Centro Properties Group, a major supermarket landlord.

The acquisition includes 585 neighborhood and community shopping centers, which Centro said would see additional redevelopment efforts as Centro shifts focus from “asset preservation to growth,” the company said in a statement. Centro is the second largest shopping center owner in the U.S. and the largest landlord to Kroger, Ahold USA and Dollar Tree, among others.

Michael Carroll, the current chief executive officer of Centro, as well as six members of the Centro’s management committee, will continue with the company.

“We are now capitalized to aggressively lease and reposition space and to support our retailers’ growth strategies,” Carroll said in a statement. “When combined with the scale and breadth of our portfolio, there are few landlords as well positioned to be long-term partners with our retailers.”