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| General Growth Properties acquires half of GGP/Homart I portfolio General Growth Properties, Inc., the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT), announced the acquisition of the fifty percent interest owned by its partner, New York State Common Retirement Fund, in the GGP/Homart I portfolio of twenty-two properties. The approximate $950 million purchase price was primarily funded by a $750 million bank loan which, including amortization of fees, bears interest at LIBOR plus 140 basis points. The acquisition also includes the assumption of approximately $1.05 billion of existing mortgage debt. write your comments about the article :: © 2007 Construction News :: home page |