Blackstone Group LP, the biggest private equity real estate firm, purchased a minority stake in a community shopping center owner in the US East Coast. The acquisition deal is valued at $718 million, according to Bloomberg.
Blackstone bought the interest in Edens of Columbia, South Carolina. According to a statement issued today by the landlord, the said stake was previously owned by the State of Michigan Retirement System. Together with JPMorgan Chase & Co's asset management division and the New York State Teachers' Retirement System, Blackstone also invested a further $750 million in the said shopping center, the report detailed.
Edens plans to use the new capital to buy, start, and redevelop projects in New York, Boston, Atlanta, Miami, and Washington. At present, the company owns over 100 centers in the US with tenants including Whole Foods, Kohl's, and Old Navy, the report said.
Edens chief executive officer Terry Brown said in a statement: "Capitalizing on one of the largest equity investments ever into a private U.S. based real estate company, Edens plans to continue to enhance and expand its existing portfolio, creating significant value for its shareholders."
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