UPDATE: GGP to Acquire 11 Sears Anchor Pads
General Growth Properties, Inc. (NYSE: GGP) today announced a definitive agreement for the acquisition of 11 Sears (NASDAQ: SHLD) anchor pads within its portfolio for $270 million. The acquisition is expected to close in the second quarter of 2012 subject to customary closing conditions.
"This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio," said Shobi Khan, chief operating officer, General Growth Properties. "This acquisition also enhances several expansion and redevelopment opportunities including re-tenanting the anchor space and adding new in-line GLA.
Over the next several years we anticipate adding 319,000 square feet of new in-line space, the majority at Ala Moana Center, our most productive mall with sales surpassing $1,200 per square foot. In addition, we look forward to continuing to work with Sears as they represent an important anchor tenant within our portfolio."
