General Growth Properties

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GGP (company)

GGP Retail LLC (doing business as GGP; originally an initialism of General Growth Properties) is an American commercial real estate company. It was founded in 1954 and was the country's second-largest shopping mall operator at the time of its acquisition by Brookfield Property Partners and integration into Brookfield Properties in 2018. Brookfield reverted to the GGP brand for its American retail business in 2026. Founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa, it moved to Chicago, Illinois, in 1997. In 2009, it filed for bankruptcy protection, becoming the largest U.S. real estate firm to do so. In 2018, its portfolio included 125 properties comprising about 121,000,000 square feet (11,200,000 m2) in 40 U.S. states, behind only Simon Property Group in total square footage.

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• GGP (company) - Wikipedia

  Increase Increase Decrease Increase GGP Retail LLC (doing business as GGP; originally an initialism of General Growth Properties) is an American commercial real estate company. It was founded in 1954 and was the country's second-largest shopping mall operator at the time of its acquisition by Brookfield Property Partners and integration into Brookfield Properties in 2018. Brookfield reverted to the GGP brand for its American retail business in 2026. [...] By 1964, the company owned five malls and moved its headquarters to Des Moines, Iowa. In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering. In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets. In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States. [...] | | | --- | | | | | Exterior of the GGP headquarters at 350 North Orleans (center) in Chicago (2017) | | | Trade name | GGP | | Formerly | General Management (1954–1970) General Growth Properties (1970–2017) GGP Inc. (2017–2018) Brookfield Properties Retail Group (2018–2026) | | Company type | Subsidiary | | Traded as | NYSE: GGP | | Industry | Commercial real estate | | Genre | Shopping malls | | Founded | 1954; 72 years ago (1954) in Cedar Rapids, Iowa, United States | | Founders | Martin Bucksbaum Matthew Bucksbaum Maurice Bucksbaum | | Headquarters | 350 North Orleans Street, Chicago, Illinois, United States | | Area served | United States | | Key people | Kevin McCrain (CEO) | | Revenue | Increase $2.346 billion (2016) | | Net income | Increase $1.272 billion (2016) |

• General Growth Properties, Inc. | Encyclopedia.com

  General Growth Properties, Inc. (GGP) is the second largest shopping mall owner/operator in the United States, trailing only Simon Property Group. The Chicago-based real estate investment trust (REIT) is also the largest third-party manager of regional malls. The company has ownership stakes or management responsibility for more than 150 regional shopping malls, located in 41 states. These properties contain approximately 135 million square feet of retail space and house more than 15,000 anchor department stores, specialty retailers, as well as movie theaters, restaurants, ice skating rinks, and other family entertainment facilities. GGP is primarily owned by the founding Bucksbaum family. ## Bucksbaum Family Becoming Involved in Shopping Centers in the 1950s [...] In 1970 the Bucksbaums exchanged their interests in General Management Corporation for shares in a REIT they named General Growth Properties (GGP). Another entity, General Growth Companies, was then formed to plan, develop, and manage the REIT’s assets. Ultimately, GGP spawned a management company called General Growth Management Inc. to oversee its properties on a third-party basis. The Bucksbaum brothers ran their businesses from offices located in Des Moines. REITs were a relatively new creation, established by Congress in 1960 as a way for small investors to become involved in real estate in a manner similar to mutual funds. REITs could be taken public and their shares traded just like stock. They were also subject to regulation by the Securities and Exchange Commission. Unlike [...] ### Company Perspectives The corporate mission of General Growth Properties is to create value and profit by acquiring, developing, renovating, and managing regional malls in major and middle markets throughout the United States.

• General Growth Properties, Inc. -- Company History

  ### Statistics: General Growth Properties, Inc. (GGP) is the second largest shopping mall owner/operator in the United States, trailing only Simon Property Group. The Chicago-based real estate investment trust (REIT) is also the largest third-party manager of regional malls. The company has ownership stakes or management responsibility for more than 150 regional shopping malls, located in 41 states. These properties contain approximately 135 million square feet of retail space and house more than 15,000 anchor department stores, specialty retailers, as well as movie theaters, restaurants, ice skating rinks, and other family entertainment facilities. GGP is primarily owned by the founding Bucksbaum family. Bucksbaum Family Becoming Involved in Shopping Centers in the 1950s [...] In 1970 the Bucksbaums exchanged their interests in General Management Corporation for shares in a REIT they named General Growth Properties (GGP). Another entity, General Growth Companies, was then formed to plan, develop, and manage the REIT's assets. Ultimately, GGP spawned a management company called General Growth Management Inc. to oversee its properties on a third-party basis. The Bucksbaum brothers ran their businesses from offices located in Des Moines. REITs were a relatively new creation, established by Congress in 1960 as a way for small investors to become involved in real estate in a manner similar to mutual funds. REITs could be taken public and their shares traded just like stock. They were also subject to regulation by the Securities and Exchange Commission. Unlike [...] Starting in 1979 the Bucksbaums began to believe that the market was not fairly recognizing the true value of GGP. When the prices for retail properties improved significantly in the early 1980s they decided to sell GGP's portfolio of 19 shopping centers. In 1984 GGP sold the centers to Equitable Life Assurance Society for $800 million, which at the time was the largest single-asset real estate transaction in history. Although GGP's shareholders, primarily the Bucksbaums, were paid off and the REIT was liquidated, the Bucksbaum family continued to manage most of the properties through General Growth Management. In 1986 Martin and Matthew Bucksbaum formed General Growth Properties, Inc. as a vehicle to purchase and own mall properties. Three years later the company acquired the assets of

• General Growth Properties, Inc – Bankruptcy

  Popular forms Last Will and Testament Power of Attorney Promissory Note LLC Operating Agreement Living Will Rental Lease Agreement Non-Disclosure Agreement # General Growth Properties, Inc General Growth Properties (GGP), the second-largest real estate investment trust and mall operator in the US, filed for bankruptcy in 2009 spearheading one of the biggest commercial real estate bankruptcies in U.S. history. [...] The Chicago-based operator of more than 150 shopping malls in 43 states has now emerged from bankruptcy under protection from creditors after obtaining $6.8 billion in new equity capital and restructuring about $15 billion of debt. General Growth has started a smaller company called Howard Hughes Corp. that holds many of General Growth’s riskier assets, such as its residential-development division and a handful of malls, including New York’s South Street Seaport. The larger company owns 185 U.S. malls and continues to keep the General Growth name. ## Inside General Growth Properties, Inc USLegal Home Bankruptcy Profiles of Famous/Newsworthy Bankruptcies General Growth Properties, Inc #### Legal Information Legal Topics Definitions Ask a Question Laws View All #### Products [...] companies listed as General Growth’s 100 largest unsecured creditors were Eurohypo, a unit of Germany’s Commerzbank that represents holders of $2.6 billion worth of loans; Wilmington Trust and the Bank of New York Mellon, representing several classes of bonds; casinos including Mandalay Bay and the Venetian; and an assortment of retailers like Sephora, Guess, Borders and Macys.

• Simon Property Group Proposes to Acquire General Growth for $6.5 Billion or $20.00 Per Share | Simon Property Group, L.P.

  INDIANAPOLIS, May 06, 2010 (BUSINESS WIRE) --Simon Property Group, Inc. (NYSE: SPG) ("SPG") announced that it has made its best and final offer to acquire General Growth Properties, Inc. (NYSE: GGP) ("GGP") in a fully financed transaction valued at $6.5 billion, or $20.00 per GGP share, consisting of $5.00 in cash, $10.00 in shares of SPG common stock, at its current value, and the distribution to GGP shareholders of shares in General Growth Opportunities ("GGO"), valued by GGP at $5.00 per share. At $20.00 per share, this offer values GGP's equity at $6.5 billion in the aggregate and represents additional value of $2.6 billion, or a 66% premium, to the Brookfield-sponsored change of control recapitalization plan, which offers GGP shareholders an aggregate value of $3.9 billion. The [...] This letter will formally confirm our improved proposals for an acquisition or recapitalization of General Growth Properties ("GGP"). As detailed below, both alternatives offer immediate, tangible and superior value when compared to the Brookfield-sponsored plan and deserve your full consideration. We look forward to engaging seriously and immediately with you and your advisors and counsel so that we can effectuate a transaction that is clearly in the best interests of your shareholders. [...] Both of SPG's proposals would provide substantially more value for GGP's equityholders than the change of control recapitalization proposed by Brookfield, over and above the elimination of the highly dilutive and expensive warrants attached to the Brookfield plan. SPG will not participate in the bidding process in the GGP bankruptcy proceeding in any way once GGP issues warrants associated with the latest Brookfield-sponsored change of control recapitalization. The text of SPG's May 6, 2010 offer letter for both the proposed acquisition and recapitalization of GGP is below. | | | May 6, 2010 | | | | Board of Directors | | General Growth Properties, Inc. | | 110 North Wacker Drive | | Chicago, Illinois 60606 | | | | Ladies and Gentlemen: |

• Country

  United States

• Founder

  Matthew Bucksbaum

• Instance Of

  Q4830453

• Headquarters

  Chicago

• Inception Date

  1/1/1954