The deal between General Growth Properties Inc. (NYSE: GGP) and the Teacher Retirement System of Texas, based in Austin, has been closed by the latter. The stock-trade deal is worth $500 million.

The Austin based company is authorized by the Texas Legislature. This provider of retirement benefits is responsible for managing a trust fund worth $96.7 billion. The fund covers far more than 1.3 million retirees and employees related to higher education and public education. The deal’s group of teachers had Weil, Gotshal & Manges LLP as the legal counsel.

TRS is going to exchange the investment worth $500 million at $10.25 a share for equity. General Growth has been in the process of completing the reorganization of Chapter 11. The company was a part owner of the Highland Mall in Austin. It has lately asked for the expansion on organizing a plan of reorganization up to 18th October.

Adam Metz, CEO of General Growth, opines that the transaction develops and diversifies their ownership stand on lucrative terms and defends their ability to go on to want more constructive equity investments even though they earlier gained enough capital obligations to enable them to come out off chapter 11. They continue to show wonderful progress with their reformation plan. They are on their way to leaving Chapter 11 in October this year.

General Growth presently manages or has interest in 200 provincial shopping malls which are spread all over in 43 states.

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