CHICAGO-Buyout firm Blackstone Group LP will acquire sharesworth $500 million from General Growth Properties once the latteremerges out of Chapter 11 bankruptcy. General Growth, which ownsabout 200 malls around the country including Water Tower Placehere, revealed Blackstone's part in its latest regulatory filing,which discusses its planned restructuring plan.
Meanwhile, an investor consortium that includes Pershing SquareCapital Management, the Fairholme Fund and Brookfield AssetManagement has agreed to finance about $8.5 billion for GeneralGrowth's emergence from bankruptcy. For the full story, goto The New York Times.
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