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GGP Reportedly Getting Bids for Properties

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Bloomberg has the skinny on General Growth potentially selling some of its assets for about $400 million.

General Growth Properties Inc., the mall owner at risk of bankruptcy, received offers of almost $400 million for properties including Boston's Faneuil Hall and New York's South Street Seaport, according to a person familiar with the matter.

General Growth, the No. 2 U.S. shopping-mall owner, put the two properties and Harborplace & the Gallery in Baltimore up for sale in December. More than 10 offers were received, including offers for the entire portfolio and for individual properties, said the person, who asked not to be identified because the sales process isn't public.

General Growth is negotiating with lenders and selling real estate to remain solvent. The company last week said it has $1.18 billion in past-due debt, and warned again it may be forced into bankruptcy. The company has cut its workforce by 20 percent, suspended payment of its cash dividend, and halted or slowed development and redevelopment projects.

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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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