Mall owners including Simon Property Group Inc. and General Growth Properties Inc., the biggest in the U.S., are signaling they’re moving on from struggling retail centers as the economic rebound drives them to focus on the best-performing markets.
The heirs of Howard Hughes sought court permission to determine a payment they say they’re owed by General Growth Properties Inc. , the bankrupt U.S. mall owner, which acquired assets once belonging to the Hughes Corp.
Simon Property Group Inc.’s bid to invest in General Growth Properties Inc. would give the largest U.S. mall owner too much control over its biggest competitor, said fund manager Bruce Berkowitz, who’s backing a rival plan.
Investor Bill Ackman sold some of his holdings in General Growth Properties Inc. to the company’s largest shareholder as part of an agreement that ends his quest for the mall owner to put itself up for sale.
Blackstone Group LP , the world’s largest buyout firm, agreed to invest $500 million in General Growth Properties Inc. as part of its bankruptcy plan, as the U.S. Securities and Exchange Commission opened a formal insider- trading probe of some of the mall owner’s officials.
Simon Property Group Inc. added four backers including Deutsche Bank AG’s RREEF unit and ING Clarion Real Estate Securities to its plan for bringing rival General Growth Properties Inc. out of bankruptcy.