The acquisition of privately-held Victoria Ward comes nearly two months ahead of schedule. The deal includes General Growth assuming about $50 million of Victoria Ward short-term debt. General Growth has said the acquisition will provide an 8.5% unleveraged rate of return over the first 12 months after closing.
Meanwhile, shareholders of Salt Lake City-based JP Realty, Inc. will vote in early July on General Growth's $1.1-billion acquisition. General Growth would add 18 shopping centers and 26 community centers in the Mountain States to its portfolio.
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