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General Growth Properties Purchases Warrants Held By Blackstone And Fairholme

General Growth Properties Purchases Warrants Held By Blackstone And Fairholme

PR Newswire

CHICAGO, Jan. 28, 2013

CHICAGO, Jan. 28, 2013 /PRNewswire/ -- General Growth Properties, Inc. (NYSE:
GGP, the "Company") announced today the purchase of warrants held by
affiliates of The Blackstone Group ("Blackstone") and Fairholme Funds, Inc.
("Fairholme") for approximately $633 million. The Company will fund the
transactions using its available cash resources.

The warrants were exercisable into approximately 52 million common shares of
the Company at a weighted average exercise price of approximately $9.37 per
share. The warrants were scheduled to expire in November 2017. Effective with
these transactions, Blackstone and Fairholme no longer hold any warrants to
acquire the Company's common shares.

In addition, pursuant to an offer previously made by Brookfield Asset
Management Inc. ("Brookfield") to the Company, the independent members of the
Company's Board of Directors decided not to purchase the warrants recently
acquired by Brookfield from affiliates of Pershing Square Capital Management,
L.P. ("Pershing Square").

Brookfield is now the sole holder of the Company's remaining outstanding
warrants which are currently exercisable into approximately 83 million common
shares of the Company at a weighted average exercise price of approximately
$9.53 per share.

ABOUT GGP

General Growth Properties is a fully integrated, self-managed and
self-administered real estate investment trust focused exclusively on owning,
managing, leasing, and redeveloping high-quality regional malls throughout the
United States and Brazil. GGP's portfolio is comprised of 126 regional malls
in the United States and 18 malls in Brazil comprising approximately 135
million square feet. GGP is headquartered in Chicago, Illinois, and publicly
traded on the NYSE under the symbol GGP.

Contact Information: 
Investors:                         Media:
Kevin Berry, VP Investor Relations David Keating, VP Corporate Communications
kevin.berry@ggp.com                david.keating@ggp.com
(312) 960-5529                   (312) 960-6325



SOURCE General Growth Properties, Inc.