CHICAGO, Oct. 14, 2011 /PRNewswire/ -- General Growth
Properties, Inc. (NYSE: GGP) ("GGP") today announced in the last
three months it sold three non-core assets for $280 million, including Boston's Faneuil Hall Marketplace. In
August, the office and garage components of Westlake Center sold
for $119 million; while Riverside
Plaza, a retail strip center in Provo,
Utah, sold for $21 million.
With these transactions, GGP eliminated from its balance sheet
approximately $95 million of mortgage
related debt associated with these properties.
"We continue to execute our investment strategy of focusing on
our regional mall portfolio. These recent dispositions
strengthen our balance sheet," said Shobi
Khan, chief operating officer, General Growth Properties,
Inc.
ABOUT GGP
General Growth Properties has ownership and management interest
in 166 regional and super regional shopping malls in 43 states.
The company portfolio totals 169 million square feet of
space. A publicly-traded real estate investment trust (REIT), GGP
is listed on the New York Stock Exchange under the symbol GGP.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual
results may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but
not limited to, our ability to refinance, extend, restructure or
repay our remaining debt (including that of our Unconsolidated Real
Estate Affiliates) with maturities in the short to intermediate
term, our ability to raise capital through equity issuances, asset
sales or the incurrence of new debt, retail and credit market
conditions, impairments, our liquidity demands and retail and
economic conditions. Readers are referred to the documents filed by
General Growth Properties, Inc. with the Securities and Exchange
Commission, which further identify the important risk factors that
could cause actual results to differ materially from the
forward-looking statements in this release. The Company
disclaims any obligation to update any forward-looking
statements.
CONTACT: GGP - David Keating, VP
of corporate communications, (312) 960-6325,
david.keating@ggp.com
SOURCE General Growth Properties, Inc.