🠈 General Growth Properties 🠊

General Growth Partners

General Growth Properties is a Real Estate Investment Trust (REIT) that, as of 12/2017, owns a portfolio 126 malls and shopping centers in 40 states with a combined 121,000,000 square feat of retail space.

Corporate History

The company was created as General Management in 1954 by brothers Martin and Matthew Bucksbaum to build the Town and Country Shopping Center in Cedar Rapids, Ia. The company owned 5 malls by 1964.

1970: Changed its name to General Grow Properties and held its first IPO as GGP.
1984: Sold 19 mall properties to Equitable Real Estate Investment Management, a life insurance company. GGP retained its position of property management.
1985: The company went private.
1989: GGP acquired The Center Companies. This collection of malls was spun off Dayton Hudson in 1978. Dayton Hudson changed its name to Target.
1993: GGP raised $400M in a second IPO.
1994: GGP acquired a 40% stake in in CenterMark Properties which owned 16 malls. It later sold this investment.
1994: GGP acquired Homart Development Corporation which designs and constructs malls
2004: GGP acquired The Rouse Company which owned 39 malls and had recently acquired the real estate investments of the Howard Hughes empire.
2009: GGP had $25B in debt and missed a loan payment triggering bankruptcy.
2010: The spun off Howard Hughes portfolio into Howard Hughes Corporation.
2012: GGP spun off Rouse Properties and emerged from bankruptcy.
2017: General Growth Properties officially shorted its name to GGP.

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References:

NREI Online - general growth lives up to its name (Drawn 12/11/2017)
Wikipedia - GGP (Drawn 12/11/2017)

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