Blackstone Is Said Unlikely to Lead Competing Bid for Macerich
2015-03-17 18:16:33.383 GMT
By Hui-yong Yu
(Bloomberg) -- Blackstone Group LP, the world’s largest
private-equity investor in real estate, is unlikely to lead a
takeover offer for Macerich Co., according to a person with
knowledge of the firm’s thinking.
Macerich, the third-biggest publicly traded U.S. mall
owner, earlier Tuesday rejected a $16 billion takeover offer
from Simon Property Group Inc., the largest company in the
industry. REIT Zone, a newsletter, reported last week that
Blackstone may be working with other investors to put together a
group bid for the Santa Monica, California-based real estate
investment trust.
Blackstone hasn’t held talks to organize a competing
proposal and is unlikely to lead a future bid for Macerich, said
the person with knowledge of the matter, who asked not to be
named because the matter is private. The situation remains
fluid, the person said.
Peter Rose, a Blackstone spokesman, declined to comment.
Blackstone had invested with partners in 2010 to bring
General Growth Properties Inc., the No. 2 mall owner, out of
bankruptcy. It sold its shares at a profit three years later.
The New York-based firm also has been expanding in high-quality,
well-leased real estate through a new fund to acquire so-called
core-plus properties.
For Related News and Information:
Macerich Rejects Simon Property’s Bid to Acquire Mall Owner
Blackstone to Buy Chicago’s Willis Tower for $1.3 Billion
Simon’s Pursuit of Macerich Shows Allure of Top-Tier U.S. Malls
Top real estate stories: TOPR <GO>
Merger monitor: MA <GO>
To contact the reporter on this story:
Hui-yong Yu in Seattle at +1-206-262-4146 or
hyu@bloomberg.net
To contact the editors responsible for this story:
Kara Wetzel at +1-415-617-7318 or
kwetzel@bloomberg.net
Christine Maurus
2015-03-17 18:16:33.383 GMT
By Hui-yong Yu
(Bloomberg) -- Blackstone Group LP, the world’s largest
private-equity investor in real estate, is unlikely to lead a
takeover offer for Macerich Co., according to a person with
knowledge of the firm’s thinking.
Macerich, the third-biggest publicly traded U.S. mall
owner, earlier Tuesday rejected a $16 billion takeover offer
from Simon Property Group Inc., the largest company in the
industry. REIT Zone, a newsletter, reported last week that
Blackstone may be working with other investors to put together a
group bid for the Santa Monica, California-based real estate
investment trust.
Blackstone hasn’t held talks to organize a competing
proposal and is unlikely to lead a future bid for Macerich, said
the person with knowledge of the matter, who asked not to be
named because the matter is private. The situation remains
fluid, the person said.
Peter Rose, a Blackstone spokesman, declined to comment.
Blackstone had invested with partners in 2010 to bring
General Growth Properties Inc., the No. 2 mall owner, out of
bankruptcy. It sold its shares at a profit three years later.
The New York-based firm also has been expanding in high-quality,
well-leased real estate through a new fund to acquire so-called
core-plus properties.
For Related News and Information:
Macerich Rejects Simon Property’s Bid to Acquire Mall Owner
Blackstone to Buy Chicago’s Willis Tower for $1.3 Billion
Simon’s Pursuit of Macerich Shows Allure of Top-Tier U.S. Malls
Top real estate stories: TOPR <GO>
Merger monitor: MA <GO>
To contact the reporter on this story:
Hui-yong Yu in Seattle at +1-206-262-4146 or
hyu@bloomberg.net
To contact the editors responsible for this story:
Kara Wetzel at +1-415-617-7318 or
kwetzel@bloomberg.net
Christine Maurus