Chicago-based mall operator making strides to emerge from bankruptcy
(Source: Chicago Tribune)
One very big-ticket item has made its way to the top of some high-profile shopping lists this holiday season: the shopping mall itself.
Making strides to emerge from a mammoth bankruptcy, Chicago-based General Growth Properties may be in play, as competitors seek to acquire some or all of the nation’s second-largest mall company.
Valued at about $30 billion, the owner of Water Tower Place, Northbrook Court and more than 200 other malls in 44 states, is exploring its options with “multiple parties,” Chief Executive Adam Metz told the Tribune. At least one rival — Toronto-based Brookfield Asset Management — already has gained a sizable interest through debt acquisition.
Read Robert Channick’s full article “General Growth Properties could be up for sale” in the Chicago Tribune (December 14, 2009).