Centennial, a Dallas-based mall owner, has acquired the operating platform of Bayer Properties, a Birmingham, AL firm with a management portfolio of open-air, fashion, power and neighborhood shopping centers.
Centennial will merge Bayer's 8M SF portfolio of real estate management contracts into its 15M SF portfolio of malls. The merged company will continue to operate under the Centennial brand.
Terms of the acquisition of the management contract portfolio were not disclosed. According to report in TheBamaBuzz, Centennial is not acquiring any property in conjunction with the deal for the management contracts.
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