General Growth: It’s Weird How Things Change

What’s going on with General Growth Properties is only a small part of this now global financial crisis we’re facing. But the situation has certainly made us reflect.

Sure, plenty of people were skeptical of the $13-billion acquisition of the Rouse Co. in 2004, especially with the amount of debt attached to the deal and Rouse’s portfolio of master-planned assets, a non-core property type for GGP. But did anyone expect it would come to the resignation of CEO John Bucksbaum and the intention to sell its dazzling Vegas portfolio?