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BUSINESS
August 17, 2010 | Bloomberg News
Buyout firm Blackstone Group agreed Tuesday to invest $500 million in General Growth Properties Inc. as part of its bankruptcy plan, as the Securities and Exchange Commission opened a formal insider-trading investigation of some of the mall owner's officials. Blackstone reached the deal with the investor group financing the plan, General Growth said in a revised reorganization proposal in U.S. Bankruptcy Court in New York. General Growth also said it received notice in July that the SEC was investigating possible insider-trading violations by current and former officers and directors.
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BUSINESS
April 30, 2012 | By Roger Vincent, Los Angeles Times
Owners of the Glendale Galleria have launched a massive makeover intended to update the regional shopping center in downtown Glendale. Improvements to the 1.5-million-square-foot center will include the previously announced addition of a Bloomingdale's department store in the space formerly occupied by Mervyns. The Bloomingdale's store is set to open next year. Other changes will be the most comprehensive since the mall opened in 1976 and "nothing short of dramatic," General Manager Larry Martin said.
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BUSINESS
April 9, 2002 | Bloomberg News
General Growth Properties Inc., the second-largest U.S. shopping mall owner, agreed to buy Victoria Ward Ltd. to expand its holdings of Hawaiian retail properties. Chicago-based General Growth will pay $200 million in cash and assume $50 million of debt of the closely held company, which owns 29 buildings and 17 ground leases, including the Ward Entertainment Center, General Growth said.
BUSINESS
October 21, 2010 | Reuters
General Growth Properties Inc.'s reorganization plan was approved Thursday, paving the way for the operator of the Glendale Galleria and other malls to exit bankruptcy a year and a half after it was brought to its knees by billions in debt it could not refinance. General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion stock sale to raise capital. Shareholders often lose everything in a bankruptcy. Under the plan confirmed by U.S. Bankruptcy Judge Allan Gropper in New York, all bondholders will be repaid and the 3,000 shareholders will get more than $5.2 billion of equity.
BUSINESS
March 5, 2002 | From Bloomberg News
General Growth Properties Inc., the second-largest U.S. shopping mall owner, on Monday agreed to buy JP Realty Inc. for about $1.1 billion in cash, stock and assumed debt, adding 18 regional malls in the West. JP Realty investors and limited partners will receive $26.10 in cash for each share, 6.8% above the closing price Friday. General Growth will pay $524 million in cash and assume $460 million in debt and $116 million of preferred shares, Chief Executive John Bucksbaum said.
BUSINESS
August 21, 2004 | From Associated Press
General Growth Properties Inc., a Chicago-based developer of regional shopping malls, is buying Rouse Co., a pioneer of entertainment mall retailing whose properties include Boston's Faneuil Hall Marketplace, for about $7.2 billion in cash. The deal announced Friday would provide General Growth, which owns the Glendale Galleria, with more leverage in negotiations with top retailers and would give it some of the nation's premier mall sites, including the Fashion Show Mall in Las Vegas.
NEWS
August 14, 1986
The City Council has given General Growth of California until Sept. 5 to deliver a specific development proposal for a major shopping mall across from City Hall. General Growth is one of two firms chosen to build the $225-million Towne Center complex, a series of office buildings, a high-rise hotel and retail stores on Bloomfield Avenue at 183rd Street. General Growth has apparently had difficulty finding enough major department stores willing to commit to the mall.
BUSINESS
June 13, 1995 | Times Staff and Wire Reports
Sears May Sell Its Malls to General Growth: Sears, Roebuck & Co. said it is negotiating the sale of its shopping center properties to General Growth Properties Inc., moving the retailer closer to an exit from the real estate business. Sears said it will negotiate only with the Des Moines, Iowa-based real estate investment trust to unload Homart Development Co.'s mall portfolio, which has been valued at about $1.6 billion.
BUSINESS
April 30, 2012 | By Roger Vincent, Los Angeles Times
Owners of the Glendale Galleria have launched a massive makeover intended to update the regional shopping center in downtown Glendale. Improvements to the 1.5-million-square-foot center will include the previously announced addition of a Bloomingdale's department store in the space formerly occupied by Mervyns. The Bloomingdale's store is set to open next year. Other changes will be the most comprehensive since the mall opened in 1976 and "nothing short of dramatic," General Manager Larry Martin said.
CALIFORNIA | LOCAL
November 19, 2005 | Sam Quinones, Times Staff Writer
Developer Rick Caruso has won the latest round, and perhaps the fight, over the future of a chunk of Glendale's downtown. The 2nd District Court of Appeal ruled Thursday against General Growth Properties, which owns the Glendale Galleria shopping mall, in its attempt to halt Caruso's proposed mixed-used project scheduled to go up across the street. The court ruled that the project's financial reports and agreements met legal standards, and that its environmental impact report was sufficient.
BUSINESS
August 17, 2010 | Bloomberg News
Buyout firm Blackstone Group agreed Tuesday to invest $500 million in General Growth Properties Inc. as part of its bankruptcy plan, as the Securities and Exchange Commission opened a formal insider-trading investigation of some of the mall owner's officials. Blackstone reached the deal with the investor group financing the plan, General Growth said in a revised reorganization proposal in U.S. Bankruptcy Court in New York. General Growth also said it received notice in July that the SEC was investigating possible insider-trading violations by current and former officers and directors.
BUSINESS
July 13, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., owner of the Glendale Galleria and other large Southland shopping centers, said Monday that it agreed to immediately hand over its third-party management business to real estate services giant Jones Lang LaSalle Inc. The portfolio of 18 malls from New York to California formerly managed by General Growth includes the Burbank Town Center. About 200 employees who manage the centers and 30 corporate employees now work for Jones Lang LaSalle. Both companies are based in Chicago.
BUSINESS
May 8, 2010 | By Roger Vincent, Los Angeles Times
General Growth Properties Inc., the struggling owner of the Glendale Galleria and other large Southland shopping centers, won court approval Friday for a plan to sell the company that puts a group led by Canadian real estate investor Brookfield Asset Management Inc. at the front of the line. The decision by a federal Bankruptcy Court judge in New York ended a hard-fought campaign by rival mall operator Simon Group Inc. to take over General Growth. Simon is the largest mall operator in the U.S., and a merger with General Growth would have created a juggernaut so powerful it would have been able to set mall rents in much of the country, industry observers said.
BUSINESS
April 14, 2010 | Bloomberg News
Simon Property Group Inc. revised its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc. The proposal includes a $1 billion co-investment commitment by Paulson & Co., Indianapolis-based Simon said Wednesday. Simon said the plan is more favorable to General Growth shareholders than Brookfield's offer because it doesn't include the issuance of warrants.
BUSINESS
February 25, 2010 | By Roger Vincent
General Growth Properties, owner of the Glendale Galleria and other large Southland shopping centers, said Wednesday that it had reached an agreement with a Canadian investor that would enable the mall owner to leave Chapter 11 bankruptcy protection. Brookfield Asset Management Inc., which is part of a company that owns a handful of premier office buildings in Los Angeles County, would invest $2.5 billion in cash in General Growth stock in return for 30% ownership. The deal must be approved by a Bankruptcy Court judge, but if the agreement stands it could rescue Chicago-based General Growth from a hostile takeover attempt by archrival Simon Property Group, the country's largest mall operator.
BUSINESS
February 24, 2010 | Bloomberg News
Brookfield Asset Management Inc. is in talks with General Growth Properties Inc. to take a 30% stake in the shopping mall owner as it comes out of bankruptcy, said a person familiar with the negotiations. The plan by Toronto-based Brookfield would give General Growth a higher valuation than a $10-billion takeover bid by Simon Property Group Inc., said the person, who declined to be identified because the talks aren't public. Simon, the largest U.S. shopping mall owner, has offered to buy General Growth in a deal that would give equity investors about $9 a share and repay unsecured creditors in full.
NEWS
June 16, 1985 | STEVEN R. CHURM, Times Staff Writer
Believing two developers are better than one, the City Council has chosen Transpacific Development Co. and General Growth of California to shape the $225-million Towne Center project from a 125-acre, brush-covered plot in the heart of the city. Selection of the two firms ends months of speculation about the direction of the development, considered by many to be one of the most lucrative in urban Los Angeles and Orange counties.
BUSINESS
February 17, 2010 | By Sandra M. Jones
Simon Property Group Inc., the nation's largest mall operator, offered to buy General Growth Properties Inc. out of Chapter 11 bankruptcy protection for more than $10 billion in a deal that would give shareholders -- typically left empty-handed in bankruptcy reorganization -- $9 a share. The Indianapolis company said it sent an offer letter to acquire Chicago's General Growth on Monday but hadn't received a response. General Growth is the No. 2 U.S. mall operator and counts among its Southern California properties the Glendale Galleria, Northridge Fashion Center and Burbank Town Center.
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