Wednesday, June 29, 2011

Howard Hughes buys up The Woodlands

Howard Hughes buys up The Woodlands

Date: Wednesday, June 29, 2011, 11:35am CDT - Last Modified: Wednesday, June 29, 2011, 11:47am CDT

The Howard Hughes Corp.  owner of the Bridgeland master-planned community — has agreed to buy out the remaining interest it did not already own in The Woodlands for $117.5 million.
Dallas-based Howard Hughes (NYSE: HHC) said Wednesday it has a definitive agreement to acquire Morgan Stanley Real Estate Investing’s 47.5 percent interest in the 28,000-acre master-planned community north of Houston.
The deal consists of a cash payment of $20 million at closing and a $97.5 million non-interest bearing promissory note due December 1, 2011.
Howard Hughes, and its predecessor companies, have owned a majority interest in The Woodlands since 2004.
Howard Hughes will own all unsold property in The Woodlands, which as of March 31, amounted to 1,372 acres of unsold residential land, representing 4,532 lots, and 936 acres of unsold land for commercial use.
The Woodlands also has full or part ownership in 434,000 square feet of office space, 203,000 square feet of retail and service space, 865 rental apartment units. It also owns a 440-room conference center facility and 36-hole country club.
The acquisition is anticipated to close July 1, at which time The Woodlands will become a wholly owned subsidiary of Howard Hughes.
Howard Hughes Corp. was spun out of Chicago-based General Growth Properties Inc., after GGP emerged from bankruptcy protection in late 2010.

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