The malls in the deal are located across the country. Traditional tenants like J.C. Penney, Macy's and Sears anchor most of the regionally-sized assets. At least one of the malls, Chula Vista (CA) Center, is undergoing a renovation
The purchase price was mainly funded with a $750-million bank loan, and General Growth is also assuming about $1.05 billion in debt. Management does not anticipate that the deal will have an impact on its earnings projects for the year.
GGP/Homart was formed in 1995 to purchase a portfolio owned by Sears, Roebuck & Co. At that time, the venture acquired full interests in 15 regional malls and partial interests in other centers. Since that time, the venture bought and sold various assets.
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