SYDNEY (AP) -- Struggling shopping mall operator Centro Properties Group said Tuesday it has agreed to sell its 588 U.S. malls to New York-based Blackstone Group LP in a deal valued at $9.4 billion.
The acquisition is Blackstone's largest since its $20.1 billion takeover of Hilton Hotels Corp. in 2007 and shows faith that the weak U.S. retail market will improve.
Centro, which is weighed down by massive debt, also announced a plan to pay off its creditors by giving them ownership of most of its Australian shopping malls.