Howard Hughes Corporation is buying a 57.5% stake in the Woodlands Master Planned Community located in Houston, Texas for $117.5 million. The seller is Morgan Stanley Real Estate Investing. The deal comprises $20 million in cash and a $97.5 million non-interest bearing promissory note due December 1. The Morgan Stanley unit has been an investor in Woodlands since 1997. Howard Hughes has owned a part of the property’s stake since 2004.
Click here for the release from Howard Hughes.