GM Sells Stake in Malls

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GM's real estate unit is selling half its interest in nine shopping malls to a Virginia developer. The deal is expected to be done by mid-October.

Mills Corporation says it will pay General Motors Asset Management more than $1 billion for properties including Briarwood Mall in Ann Arbor.

Mills owns or operates 27 malls and entertainment centers. The company says it's prepared to spend up to $300 million in upgrades on the acquired properties.

Taubman Centers of Bloomfield Hills has managed the nine malls for GM since 1998.