Blackstone Said Unlikely to Lead Competing Macerich BidHui-yong Yu
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.