Less than a year after getting involved in General Growth Properties, Inc.’s bid to escape bankruptcy, the Fairholme Fund investment firm announced Tuesday that it is selling its entire stake in the Chicago-based real estate investment trust.
The transaction, valued at $1.7 billion, calls for Fairholme to receive $15.10 per General Growth share–based on the mall operator’s January 14 closing price–from the acquirer, Brookfield Asset Management Inc. Toronto-based Brookfield will pay just over $800 million in cash, along with $907 million in Class A limited voting shares.
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