Saks will close “a few stores” that are underperforming and have expiring leases, according to CEO Stephen Sadove speaking at a recent investor conference. Saks will not be breaking any leases because of the high costs that process involves, he says.
Sadove didn’t specifically name any stores it will shut, but yesterday the company announced that it will close two stores in Portland, OR’s Pioneer Place Mall, which is operated by General Growth Properties.
Continue reading ‘Saks Will Close Stores’
Simon Property Group finally did what many expected, making a $10-billion bid for General Growth Properties. The move would make the REIT…enormous, upping its portfolio of 320 US malls and outlet centers to 520.
But this deal is far from over. General Growth shareholders don’t seem to be biting as of yet, and Simon could have some problems with General Growth’s creditors.
Continue reading ‘Simon Fires First Shot for GGP’
Published September 17, 2009
General Growth , malls , multimedia , Simon
Simon Property Group CEO David Simon weighs in on possibly acquiring some of General Growth’s portfolio during a Bloomberg Television interview. “We’re a logical buyer,” he says. “There’s a lot we can do with those properties.”
Simon also says that the industry could see a recovery some time next year if job growth pics up. Click on the image below for the full interview.
Also, RIP Melvin Simon.
Some major dispositions in the industry are starting to take shape as retail REITs are trying to clear up their debt situations.
Developers Diversified Realty is in the process of selling 12 centers for up to $175 million, mostly to Benderson Development Co., according to reports. And Macerich Co. wants to sell interests in its malls, including Queens [NY] Center.
Continue reading ‘DDR, Macerich Try to Sell Centers’
Published June 1, 2009
General Growth , malls
Some of the entities that financed some of the General Growth Properties’ malls want those assets taken out of the REIT’s bankruptcy filing.
“The legal separation would give the lenders greater control over the fate of the malls and access to all the excess cash they generate,” according to Reuters.
Continue reading ‘GGP Bankruptcy Gets More Complicated’
This article about the health of Simon Property Group in the recession, reveals that the mall owner might consider acquiring some General Growth Properties assets when the latter’s bankruptcy proceedings mature.
Said CEO David Simon: “I don’t think we would be interested in the whole company. They have some assets that clearly would fit nicely with ours.”
Continue reading ‘Simon Interested in Some GGP Malls’