General Growth Properties, Inc. and Kimco Realty Form Joint Venture Partnership to Redevelop Owings Mills Mall in Maryland

CHICAGO, Nov. 10, 2011 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP) ("GGP") and Kimco Realty (NYSE: KIM) today announced a joint venture partnership in which both companies would own 50 percent interest of Owings Mills Mall in Owings Mills, Maryland (Baltimore County).  As part of the joint venture, GGP and Kimco will co-lead a redevelopment of the 25 year old, 1 million-square-foot regional mall in northwest Baltimore County.  GGP previously owned 100 percent interest in Owings Mills Mall.

"We're exploring a number of options to revive Owings Mills Mall and provide the shoppers of northwest Baltimore County a more viable center that meets their needs.  Kimco brings to the partnership an established reputation as an owner and developer of neighborhood and community shopping centers in the Baltimore area," said Shobi Khan, chief operating officer for General Growth Properties, Inc.  

Owings Mills Mall opened in 1986.  Macy's and JCPenney anchor the two-level enclosed regional mall.  Preliminary redevelopment and renovation plans call for a new format and tenant mix, which could include exterior facing retail, junior boxes, big boxes and department stores.  

"Owings Mills Mall presents a wonderful value creation opportunity in one of our core markets.  We are very excited about the chance to partner with GGP in transforming this property into a vibrant shopping center its residents need and want," said Mike Pappagallo, chief operating officer for Kimco Realty Corporation.

"Today's announcement that GGP is joining forces with Kimco Realty to transform Owings Mills Mall is great news for Baltimore County, and is a key part of my aggressive strategy to jump-start Owings Mills and bring new jobs and quality services to the region," said Baltimore County Executive Kevin Kamenetz. 

ABOUT GGP
General Growth Properties, Inc. has ownership and management interest in 167 regional and super regional shopping malls in 42 states. The Company portfolio totals 169 million square feet of space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP.

ABOUT KIMCO
Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America's largest portfolio of neighborhood and community shopping centers.  As of September 30, 2011, the company owned interests in 940 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at www.kimcorealty.com.

CONTACT:     GGP - David Keating, VP of corporate communications, (312) 960-6325, [email protected]
                     Kimco – David F. Bujnicki, sr. director - investor relations, 1-866-831-4297, [email protected]

SOURCE General Growth Properties