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CHICAGO-Buyout firm Blackstone Group LP will acquire shares worth $500 million from General Growth Properties once the latter emerges out of Chapter 11 bankruptcy. General Growth, which owns about 200 malls around the country including Water Tower Place here, revealed Blackstone’s part in its latest regulatory filing, which discusses its planned restructuring plan.

Meanwhile, an investor consortium that includes Pershing Square Capital Management, the Fairholme Fund and Brookfield Asset Management has agreed to finance about $8.5 billion for General Growth’s emergence from bankruptcy. For the full story, go to The New York Times.

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