Archive for the 'General Growth' Category

Should Simon Own General Growth?

Simon Property Group is increasing its bid for General Growth Properties. The largest mall and outlet center owner in the country is committing $1.5 billion toward GGP’s exit from bankruptcy.

This is getting interesting. Simon has more investors on board, but potential GGP acquirer Fairholme Capital Management is against such a plan.
Continue reading ‘Should Simon Own General Growth?’

Saks Will Close Stores

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 Fires First Shot for GGP

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’

VIDEO: Simon on Buying GGP Malls

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.

DDR, Macerich Try to Sell Centers

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’

GGP Bankruptcy Gets More Complicated

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’

Simon Interested in Some GGP Malls

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’

GGP’s Bankrupt. Now What?

General Growth Properties issued a press release announcing it is filing for bankruptcy this morning just before 3 a.m. Eastern time.

This development isn’t much of a surprise to anyone following the story. The mall owner has $27 billion in debt, much of it from huge acquisitions, like its purchase of the Rouse Co. for $12 billion in 2004.
Continue reading ‘GGP’s Bankrupt. Now What?’

General Growth Tries to Buy Time

General Growth Properties is asking its lenders for until the end of the year to refinance debt, so it can avoid filing for bankruptcy.

The mall owner has $1.18 billion in past-due debt and $4.09 billion that can be accelerated by lenders. It is giving lenders until March 16 to respond.
Continue reading ‘General Growth Tries to Buy Time’

Would YOU Buy These GGP Malls?

We’ve been a little slow to report that General Growth is marketing three trophy properties in its portfolio that were originally acquired from the Rouse Co. The assets, being marketed by DTZ Rockwood, are Faneuil Hall in Boston; South Street Seaport in Manhattan and Harborplace and the Gallery in Baltimore.

We’ve been intrigued by the prospects of these three centers going to market because of their civic significance in each locale.
Continue reading ‘Would YOU Buy These GGP Malls?’

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November 2020

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