By Reuters
The new chief executive of General Growth Properties Inc. said the company plans to sell some malls, cut debt and expenses and raise occupancy rates and some rents to boost income and put its bankruptcy behind it.
Sandeep Mathrani, who has been the CEO of the No. 2 U.S. mall owner for about 40 days, said Tuesday that he expects to reduce the number of malls the company owns to 150 from 169. It plans to sell the 19 other malls, which contribute a minimal amount to its income. The company had more than 200 malls before it filed for bankruptcy in April 2009. Get the full story »
By Reuters
General Growth Properties Inc. Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan will leave the company Dec. 22, sources familiar with the matter said on Friday.
The moves had been expected. Get the full story »
Nov. 16, 2010 at 5:32 p.m.
Filed under:
Bankruptcy,
Investing,
Retail
By Reuters
General Growth Properties Inc., which emerged from bankruptcy last week, said it expects to take a $537 million noncash charge in connection with the spinoff of the Howard Hughes Corp. Get the full story »
Nov. 16, 2010 at 11:31 a.m.
Filed under:
Investing,
Retail
From Bloomberg | Indianapolis-based Simon Property Group Inc., the U.S. shopping-mall owner that paid $2.3 billion this year for an outlet-center business, has plenty of capital for more purchases, CEO David Simon said.
Nov. 16, 2010 at 9:48 a.m.
Filed under:
Bankruptcy,
IPOs,
Retail
By Reuters
General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
Nov. 11, 2010 at 9:20 a.m.
Filed under:
Regulations,
Retail
By Reuters
US antitrust regulators approved Simon Property Group’s purchase of Prime Outlets on Wednesday on condition that it sell an outlet center in Ohio and remove restrictions on some tenant leases in Chicago and Orlando. Get the full story »
Nov. 10, 2010 at 10:45 a.m.
Filed under:
Bankruptcy,
Investing,
Retail,
Updated
By Reuters
General Growth Properties plans to resume paying dividends early next year, after the second-largest U.S. mall operator emerged from bankruptcy and spun off a new company, Howard Hughes Corp.
Citing a higher-than-expected cash stake, General Growth also said it expects to retire $570 million of obligations by paying cash, avoiding the potential issuance of more than 50 million common shares. Get the full story »
Oct. 28, 2010 at 11:07 a.m.
Filed under:
Commercial real estate,
Real estate
Milwaukee Journal-Sentinel | Jones Lang LaSalle is completing a deal to become the property management firm for Milwaukee’s Shops of Grand Avenue. The downtown mall is owned by Bank of America.
By Reuters
General Growth Properties’ reorganization plan was approved on Thursday, paving the way for the mall operator to exit bankruptcy a year and a half after it was brought to its knees under billions in debt it could not refinance.
General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion share sale to raise capital. Get the full story »
