Retailers are feeling pangs of optimism at an opportune time for the developers and real estate brokers who rely on them
for survival: The year’s biggest retail real estate gathering is May 23-25 in Las Vegas.
Analysts predict Simon Property Group Inc. will pay off debt and wait patiently for its next opportunity after withdrawing
separate offers to either acquire General Growth Properties or finance its exit from bankruptcy. A New York judge had endorsed
a rival plan that allows General Growth to stay independent.
Simon’s rise suggested investors believe the company will be just fine without General Growth Properties Inc., the Chicago-based
rival it had been pursuing for months.
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy
court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
General Growth Properties Inc. rejected Simon Property Group Inc.’s “best and final” offer.
Simon Property says its latest offer is worth $6.5 billion, or $20 a share, for General Growth. It had last offered $18.25
a share.
General Growth said the hearing before U.S. Bankruptcy Judge Allan Gropper has been moved from Wednesday to Friday.
The latest proposal is the Indianapolis-based company’s third attempt to buy or gain a piece of the No. 2 mall owner.
General Growth Properties Inc. plans to back a revised bankruptcy exit plan proposed by Brookfield Asset Management Inc. over
a competing offer by Simon Property Group Inc.
Renovation work finally has begun on the building at 16th and Pennsylvania streets. Developer Christopher Piazza found two
equity partners for the project because banks were unwilling to lend.
Simon Property Group and Blackstone Group LP are in “ongoing discussions” for an investment in General Growth after the mall
operator turned down a $10 billion takeover bid from Simon in February, CEO David Simon said.
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process
will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon
Property Group.
John Bales' firm earned $2.9M in commissions on leases for state agencies and $270,000 in commissions
on the sale of surplus state properties. He also acted as a developer for public-sector
tenants—putting them into buildings owned by him or his associates.
Simon Property Group upped 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 Mass Ave. restaurant is set to become Mesh, which will feature a more casual atmosphere and menu, as well as a new operator who will
lease the space
from the building’s owners.
The provision would give General Growth time to explore a takeover bid from Simon Property Group Inc., whose $10 billion offer
was turned down by its rival in February. Simon is preparing a new bid, according to a person with knowledge of that plan.
Renovation of apartment building owned by the Indianapolis Housing Agency will have to wait, after it failed to receive the
necessary federal backing to fund it. Three other IHA projects, including Caravelle Commons, will move forward, however.
Elliott Associates LP and Paulson & Co. are said to be discussing a plan to team with Brookfield Asset Management Inc. to
bring mall owner General Growth Properties Inc. out of bankruptcy, competing with Simon Property Group.
Simon Property Group Inc. is considering raising its $10 billion buyout offer for rival shopping mall owner General Growth
Properties Inc. as early as this week.
The landmark apartment building at 38th and Meridian streets formerly known as Summit House has been purchased by a pair of Chicago investors who plan to invest “a significant amount of capital” into the 20-story tower.
