Reuters – Blackstone to Sell Stake in General Growth Properties
Blackstone Group LP plans to sell the 23.4 million shares of General Growth Properties Inc. it holds in four funds that were used to help the mall company emerge from bankruptcy more than two years ago, Reuters reported. The sale essentially means Blackstone has exited General Growth, according to a filing with the Securities and Exchange Commission. Factoring in the cost of the shares, which also included 5 million warrants and later the spin-off of Rouse Properties Inc , the fund's investment effectively was about $8.50 and $9 per share. Based on the price of General Growth on Tuesday, the sale would translate into a gross profit of between 154 percent and 169 percent.
8 May 2013•2 mins read
