MIAMI — Equity One has entered into an agreement to sell 36 shopping centers, comprising 3.9 million square feet, for $473.1 million to Blackstone Real Estate Partners VII. These assets were encumbered by mortgage loans having an aggregate principal balance of approximately $177.4 million as of June 30, 2011. The shopping centers are located predominately in Atlanta, Tampa and Orlando, Florida, with additional properties located in North Carolina, South Carolina, Alabama, Tennessee and Maryland. Equity One intends to use the proceeds from the sale to retire debt, fund its redevelopment pipeline, for future acquisitions and other corporate purposes. Closing of the transaction is expected to occur in the 4th quarter. Lazard Freres & Co. is acting as the seller's financial advisor in the transaction and Eastdil Secured is acting as the buyer's financial advisor.
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