Texas Teachers Buying Into Shopping Malls
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.