- Chicago-based General Growth Properties Inc. has sold 10 million shares of common stock resulting in net proceeds of approximately $332 million. The shares will be resold under a shelf registration statement with New York-based Lehman Brothers Inc. acting as sole underwriter. The offering is being made only by means of a prospectus, which can be obtained from Lehman Brothers. Lehman Brothers also has a "green shoe" option to purchase 1 million additional shares at the same price.
The net proceeds of the offering will be used to purchase certain assets under contract and to fund current and anticipatedand redevelopment activities.