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GGP Expresses Interest in Vornado Malls


General Growth Properties has been laying low on the acquisition front since coming out of bankruptcy in late 2010. But hearing that Vornado Realty Trust may be putting its malls on the market in the near future, GGP CEO Sandeep Mathrani says the REIT might want to buy some of those assets.

During GGP's first quarter earnings call, Mathrani told analysts:

“I like the malls, and I'm sure if they come to market we'd hope to be able to participate in attempting to buy the ‘A' malls.”

This proclamation comes a day after CEO of Starwood Capital Group, which recently invested about $1 billion in Westfield malls, explained that it's not in the market for a large mall portfolio.

Vornado's assets include 14 malls, among them Kings Plaza in Brooklyn and Monmouth Mall in Eatontown, N.J.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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