Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Well aware of the challenges—both macroeconomic and industry-specific—facing the retail sector, the Blackstone Group in recent years nonetheless has invested some $16 billion worldwide to acquire 120 million square feet of shopping center space. Jonathan Gray, the private equity giant’s global head of real estate, explained why Monday at the International Council of Shopping Centers’ New York National Conference: it was the basis that his firm could go in on.

In February 2011, Blackstone won the bidding for Centro Properties Group’s US assets, picking up 588 shopping centers for $9.4 billion. More recently, the firm entered the Turkish market by acquiring Redevco’s shopping center holdings in that country, and acquired Top A Ryde, a Sydney, Australia mall in receivership, for $352 million, less than half its replacement cost. “Distress created a favorable basis in all of these cases,” Gray said in his general-session presentation at the annual conference.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.