"Victoria Ward and Ala Moana will complement each other," says General Growth chief executive officer John Bucksbaum in a statement. "Victoria Ward is located within two blocks of Ala Moana Center at its closest point."
The deal includes General Growth assuming about $50 million of Victoria Ward short-term debt. Still, General Growth believes the acquisition will provide an 8.5% unleveraged rate of return over the first 12 months after closing, which is expected to occur around July 31.
General Growth says it will borrow the $200 million it needs to close.
In addition to Ala Moana Center, General Growth owns Prince Kuhio Plaza in Hilo, HI.
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