General Growth put up $440 million in cash, assumes $576 million in debt, while JP Realty stockholders get $26.10 per share.
General Growth also acquires 1.3 million sf of industrial space, most of it in the Salt Lake City market.
Although sales in the JP Realty portfolio have averaged $260 per sf, about $100 per sf less than the rest of General Growth's holdings, officials of the second-largest US retail REIT viewed the deal as a way to enter Mountain States markets in Arizona, California, Idaho, New Mexico and Washington.
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