The Firm is representing The Blackstone Group LP in connection with its acquisition of the U.S. shopping mall business of Centro Properties Group and its managed funds for an enterprise value of approximately $9.4 billion. Centro held 588 properties in the United States as of December 31, 2010. The transaction is expected to close in the middle of 2011.
Centro Properties Group is an Australian real estate investment trust, with funds under management across Australasia and the United States of $18.6 billion. Centro specializes in the ownership, management and development of shopping centers. It is Australia’s largest manager of retail property investment syndicates and is a manager of direct property funds and wholesale funds which invest in Centro’s quality retail properties. Centro is a listed company with stapled securities traded on the Australian Securities Exchange (ASX:CNP).
The Simpson Thacher team includes: Greg Ressa, Erik Quarfordt, Beatie Branch, Frank Giovinazzo, Brandon Greer and David Gross (Real Estate); Brian Stadler, Patrick Naughton, Iksoo Kim, Jakob Rendtorff, Jim Cross, Qinghong Cai and Lauren Colasacco (M&A); John Lobrano and Ravi Agarwal (Capital Markets); John Hart, Nancy Mehlman and Jason Vollbracht (Tax); Greg Grogan and Paula Han (Executive Compensation and Employee Benefits); Mark Thompson (Restructuring); Lori Lesser and Parijat Sharma (Intellectual Property) and Mike Isby (Environmental).