HONOLULU, HI—General Growth Properties and AustralianSuper have formed a partnership to own and operate Ala Moana Center located here. Effective with the partnership formation, GGP will own a 75% equity interest and AustralianSuper will own a 25% equity interest in Ala Moana Center. The transaction values the property at approximately $5.5 billion.

AustralianSuper is Australia's largest industry super fund, with more than two million members and more than $65 billion (A$84B) in funds under management. Chicago-based General Growth Properties, Inc. is focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the United States.

Ala Moana Center is one of the largest and most productive shopping malls in the world with over $1,350 of tenant sales per square foot. The property is comprised of approximately 2.2 million square feet of retail and office space and is undergoing a major redevelopment. Upon completion, an additional 660,000 square feet of retail space will be anchored by Bloomingdale's first store in Hawaii and by Nordstrom. The transaction will generate approximately $907 million of net proceeds. GGP received approximately $670 million at closing on February 27. The remaining $237 million will be paid in late 2016 after substantial completion of the redevelopment.The weighted average interest rate of the debt is approximately 4.6%. GGP may sell an additional 12.5% equity interest in Ala Moana Center within the next 60 days on the same economic terms. GGP expects to use the net proceeds to fund a pending acquisition.