Report: Blackstone to buy Pearlridge

By Howard Dicus - bio | email

NEW YORK (HawaiiNewsNow) - The Blackstone Group, an investment group that specializes in very large leveraged buyouts, is reported to be buying Pearlridge Center.

The Wall Street Journal, citing sources familiar with the matter, also reports that Blackstone is moving to take a 5% stake in General Growth Properties, owner of Ala Moana Center, Victoria Ward Ltd., and Hilo's Prince Kuhio Plaza.

The Journal says the price tag is $242 million and Glimcher Realty Trust is a partner with Blackstone in the Pearlridge deal. The two have already acquired malls in Portland, Ore., and Tampa. Pearlridge opened in 1972 and has almost 200 retailers and restaurants.

Blackstone has not confirmed this, and other financial news media are attributing their own stories about this to the Wall Street Journal. Pearlridge is currently owned by Northwestern Mutual Life.

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