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CHICAGO-In addition to closing acquisitions totaling $869 million, No. 2 retail REIT General Growth Properties Inc. has turned $855 million in debt into fixed-rate financing. The REIT switched from floating-rate to fixed-rate debt on $600 million in new loans, helping rachet down the blended rate on the entire $855 million to 3.89%.

While collateral for the $600 million in new loans includes properties mortgaged with floating-rate debt, $216 million in loans were taken out on previously unencumbered properties.

General Growth Properties assumed $39 million in debt as part of its acquisition of a remaining 49% interest in GGP Ivanhoe III. That gives General Growth Properties complete ownership of Eastridge Mall in San Jose, CA; Oglethorpe Mall in Savannah, GA; Oak View Mall in Omaha, NE; Meadows Mall in Las Vegas, NV; Park City Center in Lancaster, PA; Northgate Mall in Chattanooga, TN; Landmark Mall in Alexandria, VA and Mayfair in Wauwatosa, WI.

In addition, the REIT closed on the 1.2-million-sf Saint Louis Galleria and 1.1-million-sf Coronado Center in Albuquerque, NM. Sales at Saint Louis Galleria are $505 per sf while Coronado Center generates business at $354 per sf.

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