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General Growth Tests Market for Non-Retail Assets

CHICAGO-The second-largest US retail REIT says it will test the market for 2.3 million sf of office and industrial properties it acquired in the $12.3-billion acquisition of Rouse Co.

By Mark Ruda | Updated on May 03, 2005

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CHICAGO-The $12.3-billion acquisition of Rouse Co. more than doubled General Growth Properties, Inc.’s debt and gave the second-largest US retail REIT 2.3 million sf of office and industrial properties. However, General Growth Properties will refinance debt used to swing the deal more than a year ahead of schedule and is testing the market for the office and industrial assets.

In addition to assuming $5.4 billion in mortgages on Rouse Co. properties, General Growth Properties also borrowed $7.3 billion from several lenders, including Lehman Brothers Inc., Banc of America Securities LLC, Credit Suisse First Boston and Wachovia Capital Markets, LLC. The balance on a $1.1-billion bridge loan comes due later this month while other loans extend as long as November 2008.

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