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Blackstone acquires U.S. mall owner Centro Properties Group for $9 billion
New York City -- BRE Retail Holdings, an affiliate of Blackstone Real Estate Partners VI L.P. announced Tuesday that it has acquired the U.S. assets and platform of Centro Properties Group and its managed funds for approximately $9 billion.
The sale includes 585 community and neighborhood shopping centers and related retail assets aggregating 92.1 million sq. ft. in 39 states.
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Best Buy to shrink store footprint and lease space to other tenants
New York City -- Best Buy plans to reduce its store size by subleasing store space to smaller retailers, according to The Los Angeles Times. The chain’s new stores will be in the 36,000-sq.-ft. range, down from its current 45,000-sq.-ft. model.
"We can reduce our overall square footage while actually increasing our presence," Best Buy CEO Brian Dunn said at the company's annual shareholders meeting this week. "It's an opportunity to capture cost savings and get ourselves 'right size.'"