Texas teachers are buying into shopping malls around the state.
Shopping mall owner General Growth Properties which is trying to emerge from bankruptcy protection is getting a $500 million infusion from The Teacher Retirement System of Texas. In exchange for the cash the teacher’s fund gets shares priced at $10.25 apiece.
General Growth’s holdings include more than a dozen malls in Texas including Hulen, Town East and Vista Ridge. The plan still needs approval from the bankruptcy court.