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Canada Pension Board, GGP Join for Two Malls

ST. LOUIS-A joint venture of Davis Street and a Verizon pension fund sold the 482,000-square-foot Plaza Frontenac, and GGP gave up a 26% interest in the massive Saint Louis Galleria.

By Robert Carr | Updated on September 24, 2011

ST. LOUIS-General Growth Properties Inc. and the Canada Pension Plan Investment Board agreed to partner to buy the 482,000-square-foot Plaza Frontenac here, with GGP taking a 55% interest. The pension board has also agreed to take a 26% interest in GGP’s Saint Louis Galleria, also located here.

Evanston, IL-based Davis Street Land, in a partnership with Verizon Communications Pension Fund, sold the Plaza property at 1701 S. Lindbergh Rd. Terms of both deals were not disclosed. The Chicago-based GGP and the Toronto-based pension board will own the properties under a joint venture.

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