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AUSTIN, TX-The Teacher Retirement System of Texas has agreed to invest $500 million in General Growth Properties Inc.

The agreement, which says the Texas-based pension fund will receive equity in reorganized GGP at $10.25 per share, is subject to Bankruptcy Court approval. The TRS investment will be in the equity of reorganized GGP only and will not include any interest in the newly formed company to be spun-off to GGP shareholders upon emergence.

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