REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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General Growth gets bankruptcy deal

North Star Mall

General Growth Properties, Inc. (GGP), the nation’s second-largest shopping mall operator, reportedly reached a deal with Brookfield Asset Management, Inc. of Canada that will provide an exit from Chapter 11 bankruptcy protection and avoid the $10 million hostile takeover bid made recently by Simon Property Group, Inc., the largest U.S. shopping mall owner.  Read General Growth inks deal to exit bankruptcy (MSN.com, 2-24-10) and the GGP press release (GGP, 2-24-10).

In San Antonio, Simon owns Ingram Park Mall and Rolling Oaks Mall. General Growth owns North Star Mall and The Shops at La Cantera, but only North Star is part of the company’s bankruptcy filing.

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