By  on August 2, 2011

General Growth Properties Inc. plans to spin off a portfolio of 30 malls encompassing 21.1 million square feet to its stockholders.

The deal, approved by the real estate firm’s board late Monday, is structured as a taxable special dividend, which is expected to be distributed in the fourth quarter and will include common stock in the new real estate investment trust, Rouse Properties Inc. At 1.3 million square feet, the Southland Mall in Hayward, Calif., is set to be Rouse’s largest property.

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