General Growth Properties has completed the spin-off of 30 shopping malls into a publicly traded real estate investment trust called Rouse Properties, the Chicago-based company announced.
The properties in question are scattered across 19 states and are located in either small U.S. cities or in what are viewed as second-tier centers in larger cities, according to Bloomberg. The transaction, which was approved by General Growth’s board in December, allows the company to focus on managing properties with higher rents and tenant sales as it continues to pay down debt, Bloomberg reports.
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