Shopping mall owner General Growth Properties Inc., which is trying to emerge from bankruptcy protection, is getting a $500 million infusion from a Texas teachers' pension fund.
The Chicago developer said The Teacher Retirement System of Texas will receive shares priced at $10.25 per share in the reorganized company in exchange for the cash.
The deal is part of the requirements for the real estate investment trust to emerge from Chapter 11 protection and needs bankruptcy court approval. Its April 2009 filing was the biggest real estate bankruptcy case in U.S. history.
Separately, General Growth agreed to turn over management reponsibility for 18 malls in 11 states to Jones Lang LaSalle.
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