Debt-laden Centro Properties Group agreed to sell its 588 U.S. shopping centers to private-equity giant Blackstone Group LP for $9.4 billion in a deal that will allow Centro’s Australian operations to continue as a stand-alone company, according to people familiar with the matter.
Blackstone prevailed in bidding against two other groups, one a partnership of Morgan Stanley Real Estate Fund VII and Starwood Capital and the other a partnership of NRDC Equity Partners and AREA Property Partners.
Centro Chief Executive Robert Tsenin declined comment late Sunday.
Blackstone’s $9.4 billion bid exceeds the $8 billion of debt on Centro’s U.S. portfolio, …