General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.
General Growth disclosed the agreement in a regulatory filing on Wednesday detailing the company’s latest plan to exit bankruptcy.
An investor group led by Canadian property manager Brookfield Asset Management Inc. has agreed to provide up to $8.5 billion in capital to finance the proposed restructuring plan.
It calls for the Chicago-based company to emerge from bankruptcy protection this fall as two separate companies.
The Blackstone Group would receive shares in both companies and an allocation of stock warrants.
