It's largely been a slow week on the retail real estate front. But today did bring with it a development in the General Growth bankruptcy. It seems that the interested parties are waiting for more details from General Growth before reevaluating any offers. Moreover, new parties are in the mix--Elliott Management Corp. and Paulson & Co. They both might be willing to help fund General Growth's exit from bankruptcy. But it appears that Simon may also be courting Elliot to join its bid. The intrigue builds.
Here are some other news and notes.
- Bloomberg looked at how Eddie Lampert's bet on Sears isn't working out so well since he's now stuck owning the retailer and its real estate in an economy where consumer spending is down and real estate values have dropped precipitously.
- Our sister publication NREI has up a new podcast with John B. Levy that examines the state of lending on commercial real estate.
- The AIA billings index showed work contracting in February, although the reading was up from January.
- Zale is considering a proposal from Sun Capital Partners, according to the New York Post.
- Lastly, Target Corp. lost a bid to avoid a lawsuit over its role in the sale of the Mervyn's department-store chain, according to the Wall Street Journal. It may now face claims from creditors to chain, which was liquidated.