general growth properties (GGP) Key Developments
General Growth Properties Acquires Crown Building in New York City, US
Apr 23 15
General Growth Properties Inc. has acquired the Crown Building in New York City, US for a consideration of $1,775 million. The Crown Building is a retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan, New York City, US. Pursuant to the transaction, the office tower will be redeveloped into luxury residential condominiums.
Sears Holdings Enters into a Joint Venture with General Growth Properties
Apr 1 15
Sears Holdings has entered into a joint venture with General Growth Properties (GGP) through which SHLD has contributed 12 Sears Holdings properties at GGP malls. As part of the transaction, GGP has contributed cash to the JV, and the JV has leased back the existing SHLD stores. SHLD contributed its properties to the JV in exchange for an interest in the JV and $165 million in cash. The transaction values the properties at $330 million. A subsidiary of GGP has made a cash contribution of $165 million to the JV in exchange for a 50% interest in the JV, and the funds have been distributed to SHLD which will own the other 50% interest upon consummation of the transaction. SHLD has agreed to lease back the contributed properties from the JV under a triple-net master lease agreement for a period of ten years, with two five-year renewal options. The initial amount of aggregate base rent under the Master Lease will be $17.3 million. The JV has the ability to recapture up to 50% of the space leased to Sears Holdings and then re-lease this space to other tenants. The JV will be governed by an executive committee on which Sears Holdings and GGP have equal representation. An affiliate of GGP will be the leasing manager and property manager for the properties.
General Growth Properties, Inc Presents at ReitWise 2015, Apr-01-2015 02:45 PM
Mar 28 15
General Growth Properties, Inc Presents at ReitWise 2015, Apr-01-2015 02:45 PM. Venue: JW Marriott Desert Ridge Resort & Spa, Phoenix, Arizona, United States. Speakers: Kathleen Courtis, SVP.
General Growth Properties, Inc Presents at Sanford Bernsteins 2nd Annual Financials Summit, Mar-11-2015 11:30 AM
Mar 9 15
General Growth Properties, Inc Presents at Sanford Bernsteins 2nd Annual Financials Summit, Mar-11-2015 11:30 AM. Venue: Taj Boston, Boston, Massachusetts, United States.
General Growth Properties, Inc, Annual General Meeting, Apr 16, 2015
Mar 5 15
General Growth Properties, Inc, Annual General Meeting, Apr 16, 2015., at 09:00 Central Standard Time. Location: 110 North Wacker Drive. Agenda: To elect nine directors to serve until the 2016 Annual Meeting of Stockholders and until their respective successors are duly elected and qualified; to ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the year ending December 31, 2015; to approve, on an advisory basis, the compensation paid to the named executive officers; to consider a shareholder proposal on a policy that a significant portion of future stock option grants to senior executives be performance-based; and to transact other business properly coming before the meeting.