P.M. BRIEFING : Shopping Center Firms to Merge
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DES MOINES, Iowa — General Growth Management Inc. has agreed to acquire Center Cos., a union that would create the fourth-largest shopping center management company in the United States, it was announced today. Terms were not disclosed.
General Growth said that when the deal is completed in late October, the combined operation will be the largest manager of retail properties for institutional investors, with more than 52 million square feet of shopping centers, including 63 regional centers.
Before its formation as Center in 1980, the Minneapolis-based, privately held real estate company was the real estate arm of Dayton Hudson Corp.
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