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General Growth Agrees to Buy Victoria Ward

April 09, 2002|Bloomberg News

General Growth Properties Inc., the second-largest U.S. shopping mall owner, agreed to buy Victoria Ward Ltd. to expand its holdings of Hawaiian retail properties.

Chicago-based General Growth will pay $200 million in cash and assume $50 million of debt of the closely held company, which owns 29 buildings and 17 ground leases, including the Ward Entertainment Center, General Growth said.

The purchase plan comes a month after General Growth said it had agreed to buy shopping mall owner JP Realty Inc. for $1.1 billion, adding 18 malls in eight states in the West. General Growth already owns Ala Moana shopping Center in Honolulu, which it bought in 1999 for $810 million.

General Growth is controlled by the Bucksbaum family, which owns 141 shopping malls with 125 million square feet of space.

General Growth shares rose 7 cents to $45.86 on the New York Stock Exchange. The announcement was made after the close of trading.

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