According to the Wall Street Journal, Simon Property Group (SPG) has engaged investment advisor Lazard Ltd. to assist in formulating a strategy to bid on all or part of General Growth Properties (GGP). General Growth has been operating under Chapter 11, since filing for bankruptcy this April.
GGP has expressed hopes of emerging from bankruptcy, but the turmoil in the credit market and commercial real estate industry overall has made emergence more difficult than ever before. If a transaction between GGP and SPG were to transpire, it would create, by far, the largest mall operator in the U.S.
In addition to Simon’s interest, many speculate that Australia-based Westfield Group holds an interest in pursuing some or all of GGP’s assets. According to Westfield’s website, they are the world’s largest publicly traded retail property group.
Simon considers General Growth bid
According to the Wall Street Journal, Simon Property Group (SPG) has engaged investment advisor Lazard Ltd. to assist in formulating a strategy to bid on all or part of General Growth Properties (GGP). General Growth has been operating under Chapter 11, since filing for bankruptcy this April.
GGP has expressed hopes of emerging from bankruptcy, but the turmoil in the credit market and commercial real estate industry overall has made emergence more difficult than ever before. If a transaction between GGP and SPG were to transpire, it would create, by far, the largest mall operator in the U.S.
In addition to Simon’s interest, many speculate that Australia-based Westfield Group holds an interest in pursuing some or all of GGP’s assets. According to Westfield’s website, they are the world’s largest publicly traded retail property group.