CHICAGO, Nov. 10, 2011 /PRNewswire/ -- General Growth
Properties, Inc. (NYSE: GGP) ("GGP") and Kimco Realty (NYSE: KIM)
today announced a joint venture partnership in which both companies
would own 50 percent interest of Owings Mills Mall in Owings Mills, Maryland (Baltimore County). As part of the joint
venture, GGP and Kimco will co-lead a redevelopment of the 25 year
old, 1 million-square-foot regional mall in northwest Baltimore County. GGP previously owned
100 percent interest in Owings Mills Mall.
"We're exploring a number of options to revive Owings Mills Mall
and provide the shoppers of northwest Baltimore County a more viable center that
meets their needs. Kimco brings to the partnership an
established reputation as an owner and developer of neighborhood
and community shopping centers in the Baltimore area," said Shobi Khan, chief operating officer for General
Growth Properties, Inc.
Owings Mills Mall opened in 1986. Macy's and JCPenney
anchor the two-level enclosed regional mall. Preliminary
redevelopment and renovation plans call for a new format and tenant
mix, which could include exterior facing retail, junior boxes, big
boxes and department stores.
"Owings Mills Mall presents a wonderful value creation
opportunity in one of our core markets. We are very excited
about the chance to partner with GGP in transforming this property
into a vibrant shopping center its residents need and want," said
Mike Pappagallo, chief operating
officer for Kimco Realty Corporation.
"Today's announcement that GGP is joining forces with Kimco
Realty to transform Owings Mills Mall is great news for
Baltimore County, and is a key
part of my aggressive strategy to jump-start Owings Mills and bring new jobs and quality
services to the region," said Baltimore County Executive
Kevin Kamenetz.
ABOUT GGP
General Growth Properties, Inc. has ownership and management
interest in 167 regional and super regional shopping malls in 42
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.
ABOUT KIMCO
Kimco Realty Corporation, a real estate investment trust (REIT),
owns and operates North America's
largest portfolio of neighborhood and community shopping
centers. As of September 30,
2011, the company owned interests in 940 shopping centers
comprising 138 million square feet of leasable space across 44
states, Puerto Rico, Canada, Mexico and South
America. Publicly traded on the NYSE under the symbol KIM
and included in the S&P 500 Index, the company has specialized
in shopping center acquisitions, development and management for 50
years. For further information, visit the company's web site at
www.kimcorealty.com.
CONTACT: GGP - David
Keating, VP of corporate communications, (312) 960-6325,
david.keating@ggp.com
Kimco – David F.
Bujnicki, sr. director - investor relations, 1-866-831-4297,
Dbujnicki@kimcorealty.com
SOURCE General Growth Properties