Chicago-based General Growth Properties today announced it will acquire Providence Place mall owner The Rouse Co. for about $7.2 billion.
The transaction is expected to close this fourth quarter and is subject to shareholder and regulatory approval.
Rouse agreed to buy Providence Place earlier this year for $510 million from the mall’s former owner Providence Place Group.
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Rouse shareholders will receive $67.50 a share, a 33 percent
premium over yesterday’s closing price, General
Growth said in a statement, Bloomberg News reports
Rouse, based in Columbia, Md., operates more than 150 properties in the retail, office, research and development and industrial real estate markets in 22 states, including Boston’s Faneuil Hall Marketplace.
The company owns or has interest in 37 regional malls and other projects totalling 40 million square feet.
Under the agreement, shareholders of Rouse will receive $67.50 per share in cash, General Growth said.
General Growth Properties is the country’s second-largest shopping center owner, developer and manager of regional shopping malls.
The company currently has interest in or management responsibility for 178 regional shopping malls in 41 states. The company portfolio totals approximately 154 million square feet of retail space and includes more than 16,000 retailers nationwide.
