General Growth’s Reorganization Plan Seen as a Rebuke to Simon

Published Thursday, February 25, 2010

Any hopes that Simon Property Group executives had that they could force a quick resolution to the General Growth saga have been doused now that the Chicago-based REIT has shown it is not going to be pushed over without a fight. Yesterday’s announcement of a $8.3 billion recapitalization plan that includes a $2.63 billion equity commitment from Canadian firm Brookfield Asset Management, along with a scheme to split General Growth in two, has created a $15 per share value floor for the REIT. That, in turn, could force Simon to sweeten its $9 per share ...

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