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General Growth Buys Stock Warrants Held by Blackstone, Fairholme

General Growth Properties Inc., the second-largest U.S. owner of shopping malls, purchased $633 million of warrants to buy the company’s shares from Blackstone Group LP and Fairholme Funds Inc.

The warrants were exercisable into about 52 million shares at a weighted average exercise price of $9.37, the Chicago-based real estate investment trust said today in a statement. Blackstone, based in New York, and Bruce Berkowitz’s Fairholme no longer hold warrants in the company.