Business Excellence Awards
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By Brian Louis
CHICAGO - General Growth Properties Inc., the second-largest U.S. mall owner and the parent company of Providence Place, said an offering of 135 million shares was priced at $14.75 and proceeds will be used to buy back equity commitments from investors in a reorganization plan.
An agreement with investors Fairholme Funds Inc., Pershing Square Capital Management LP and the Teacher Retirement System of Texas allows General Growth to replace up to $2.15 billion of $6.8 billion in commitments that were funded when it emerged from bankruptcy last week, the Chicago-based company said in a statement on Nov. 15.
General Growth exited the biggest real estate bankruptcy in U.S. history on Nov. 9 and split itself into two companies, one a shopping-mall owner and the other, Howard Hughes Corp., an owner of master-planned communities and other properties. General Growth is the country’s biggest mall landlord after Indianapolis-based Simon Property Group Inc.