Babcock & Brown Limited (BNB) announced the sale of 48.9% of its US regional shopping mall portfolio to Oxford Properties Group. The investment banker's joint venture with the GPT Group (GPT) will keep ownership of 51% of the portfolio.Advertisement
The stake in the recently acquired Gregory Greenfield & Associates (GGA) portfolio of eight regional malls, was sold for an undisclosed price.
Babcock & Brown said it would retain the asset management platform acquired under the GG&A acquisition, and would continue to manage the portfolio on behalf of the JV and Oxford.
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