Blackstone’s Brixmor Plans $300 Million Retail Redevelopment

Blackstone Group LP’s Brixmor Property Group Inc., the second-largest owner of U.S. neighborhood shopping centers, plans to spend about $300 million to redevelop properties, its chief executive officer said.

The company, which changed its name from Centro Properties Group U.S. last month after Blackstone’s $9 billion acquisition, plans to overhaul retail centers over the next five years to boost occupancy and income, Michael Carroll, CEO of New York-based Brixmor, said in an interview.