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General Growth forms $5.5b JV

by Andrea Waitrovich

General Growth Properties has sold a stake in a Hawaiian shopping mall to an Australian superannuation fund. The REIT formed a joint venture with AustralianSuper to own and operate Ala Moana Center in Honolulu. General Growth will hold a 75 percent equity interest, and AustralianSuper will own a 25 percent equity interest. The transaction values Ala Moana Center at approximately $5.5 billion.

Ala Moana Center is one of the largest and most productive shopping malls in the world with tenant sales of more than $1,350 per square foot. The property comprises approximately 2.2 million square feet of retail and office space and is undergoing a major redevelopment. Upon completion, an additional 660,000 square feet of retail space will be anchored by Nordstrom and the first Bloomingdale’s store in Hawaii.

The sale also includes two offices and another mall in Hawaii, totaling 383,324 square feet. The sales price was $498.6 million. The offices are the Ala Moana

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