The Howard Hughes Corporation® has sold The Outlet Collection at Riverwalk®, an approximately 264,000-square-foot urban outlet center in New Orleans, to Rockstep Riverwalk for $34 million.
The sale brings the total net proceeds from HHC's non-core asset dispositions to $578 million and marks the sale of the last remaining non-core asset located outside of the company's core communities.
The net proceeds from HHC's non-core asset sales continue to be reinvested back into new developments and used to repurchase shares as part of the company's stock-buyback program. This sale essentially completes the company's transformation plan to streamline its business and focus on the growth of its core assets — a portfolio of large-scale, master-planned communities that is the largest of its kind in the country.
