An article in the Wall Street Journal (via Reuters) reports that General Growth Properties is looking at placing some of its marquee malls in joint-venture deals to pay off the REIT’s $18.7 billion of debt.
High-end assets that the company owns outright, such as Fashion Show Mall and the Grand Canal Shoppes in Las Vegas and Ala Moana Center in Honolulu, could end up as candidates, the article says. Bernie Friedbaum, General Growth’s CFO is quoted saying that the firm is approaching life-insurance companies and pension funds.
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