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Westfield Plans $10B Redevelopment Campaign; GGP Bankruptcy Hearing Postponed Again (Tuesday's News & Notes)

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The retail real estate marketplace continues to provide more good news this week. The General Growth Properties bankruptcy court hearing had to be postponed again as the REIT needs more time to examine revised bids from both Brookfield and Simon. And Australian listed property trust the Westfield Group reported that sales at its U.S. centers rose at the fastest pace in three years in the first quarter. Westfield currently plans to embark on a $10 billion global redevelopment of its mall portfolio. For this and other news about retail and retail real estate, follow the links below:

  • Sales at Westfield's U.S. centers rose 5.3 percent in the first quarter of 2010, the largest increase in three years, according to Bloomberg Businessweek. The Sydney Morning Herald reports that Westfield has set aside $200 million out of a global budget of $10 billion to redevelop its U.S. malls.
  • The hearing that will determine the stalking horse bidder in the General Growth Properties reorganization has been rescheduled for Friday, according to Chicago Real Estate Daily.
  • Bankrupt movie rental chain the Movie Gallery announced it will liquidate, resulting in thousands of store closures over the next several months, according to Zerohedge.com.
  • A private equity firm agreed to buy casual dining restaurant chain Dave & Buster's for $570 million, reports the Dallas Morning News. This jibes with observations from last week about private equity players looking at a number of struggling retail chains as potential acquisition targets, according to bnet.com.
  • While consumer spending might be on an upswing, Americans will remain cautious spenders for some time.
  • The Patriot Ledger reports that in order to save on real estate costs, many retail chains are looking at downsizing new stores.

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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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