Posted by: BayAreaComRE | February 16, 2010

Breaking: Simon Property Group Bids on General Growth Properties for $10 B

This morning Simon Property Group has put a $10 Billion bid on bankrupt General Growth Properties. This move would mark a consolidation of the world’s number 1 (Simon) and the U.S.’s number 2 (General Growth) mall-operators.

“General Growth shareholders would receive more than $9 as share, including $6 in cash plus assets valued at more than $3 a share. It is also prepared to offer Simon common shares instead of cash to General Growth holders interested in owning Simon stock (WSJ).”

This is a HUGE deal for the global real estate community, why? The deal is 100% all-cash which highlights that there is liquidity out there.

We reported on the state of GGP back in December 2009 in “The Battle Over General Growth Properties“.

We’ll continue to cover the story as more news comes out. For more on the buy-out, find the MarketWatch article.

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