Three Hawaii malls included in General Growth deal - Hawaii News Now - KGMB and KHNL

Three Hawaii malls included in General Growth deal

Center court at Kaneohe's Windward Mall Center court at Kaneohe's Windward Mall

HONOLULU (AP) - Shopping mall owner General Growth Properties Inc. has agreed to transfer management and leasing responsibilities of 18 of its malls to Jones Lang LaSalle.

Three of the malls are located in Hawaii: Queen Kaahumanu Center in Kahului, Windward Mall in Kaneohe and Kings' Shops in Waikoloa.

Meanwhile, General Growth is getting a $500 million infusion from a Texas teachers pension fund.

The Chicago developer that is trying to emerge from bankruptcy protection says The Teacher Retirement System of Texas will receive shares priced at $10.25 per share in the reorganized company in exchange for the cash.

The deal is part of the requirements for the real estate investment trust to emerge from Chapter 11 protection and needs bankruptcy court approval.

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