Hawaii’s largest shopping center has a new part-owner.

General Growth Properties Inc. has formed a joint venture for the continued ownership and operation of Ala Moana Center.

GGP and AustralianSuper, Australia’s largest industry super fund, announced the partnership early Monday morning, in which GGP will own 75 percent interest and AustralianSuper, the other 25 percent.

The transaction values Ala Moana Center at about $5.5 billion.

GGP is using the money to pay off $670 million in debt as the company redevelops the 2.2 million square feet of retail and office space in the mall.

GGP will make a total of approximately $907 million in net proceeds on the deal including $670 million received at closing on Friday. The remaining $237 million will be paid to GGP late next year after what the announcement called substantial completion of the center’s ongoing redevelopment.

GGP announced it may sell an additional 12.5 percent equity interest in the center within the next 60 days, in order to fund a pending acquisition.

Ala Moana is one of the largest and most productive shopping malls in the world with more than $1,350 of tenant sales per square foot.