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Simon Tried to Buy GGP Malls


Whoa. This is really interesting. CEO David Simon was speaking at an industry event yesterday and revealed that Simon tried to buy some General Growth malls before GGP filed for bankruptcy, but was rebuffed. Simon takes a shot at GGP here. General Growth is being persistent in its view that it wants to re-emerge in its current form and does not want to be forced to sell assets--something the industry is dubious about. Here Simon seems to be saying that GGP isn't being realistic about how bad its situation is. At any rate, this kind of comment could make it harder for Simon and GGP to come to any deals down the road.

“They didn't realize they were a distressed seller,” Simon said in a panel discussion at the Milken Institute Global Conference today in Beverly Hills, California. Few commercial real estate sales are being completed because sellers aren't willing to take losses on their investments, Simon said.

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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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