July 13, 2010 |
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.
May 8, 2010 |
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.
April 14, 2010 |
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.
February 25, 2010 |
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.
February 24, 2010 |
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.
February 17, 2010 |
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.