Tags: commercial | real | estate

General Growth Puts More High-End Malls on Sale

Friday, 19 Dec 2008 09:05 AM

Mall giant General Growth Properties Inc GGP.N has put three of its high-end shopping malls -- in Boston, New York, and Baltimore -- up for sale as it moves to pay off about $22 billion of debt within four years.

It was not clear what the asking price was for the malls, together known as GGP Festival Marketplace Portfolio. The company was not immediately available for comment.

The malls in the portfolio were run by Rouse Company, which GGP bought for $7.2 billion in 2004, assuming $5.2 billion of that company's debt as part of the deal.

GGP also has mortgage debt that it needs to refinance.

The offer document said the three malls collectively booked retail sales of about $318 million in the year to end-September 2008.

Real estate company DTZ Rockwood LLC has been appointed to sell the mixed-use malls -- Boston's Faneuil Hall, Baltimore's The Gallery at Harborplace and New York's South Street Seaport.

GGP, the No. 2 mall owner in the United States, has already put three of its Las Vegas malls on the block.

On Thursday, the credit-strained company's lenders agreed to extend the deadline for a $900 million loan on two Las Vegas malls, Fashion Show and Shoppes at the Palazzo.

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Mall giant General Growth Properties Inc GGP.N has put three of its high-end shopping malls -- in Boston, New York, and Baltimore -- up for sale as it moves to pay off about $22 billion of debt within four years.It was not clear what the asking price was for the malls,...
commercial,real,estate
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2008-05-19
 

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