CHICAGO, Oct. 14, 2011 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP) ("GGP") today announced in the last three months it sold three non-core assets for $280 million, including Boston's Faneuil Hall Marketplace. In August, the office and garage components of Westlake Center sold for $119 million; while Riverside Plaza, a retail strip center in Provo, Utah, sold for $21 million. With these transactions, GGP eliminated from its balance sheet approximately $95 million of mortgage related debt associated with these properties.
"We continue to execute our investment strategy of focusing on our regional mall portfolio. These recent dispositions strengthen our balance sheet," said Shobi Khan, chief operating officer, General Growth Properties, Inc.
General Growth Properties has ownership and management interest in 166 regional and super regional shopping malls in 43 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.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to refinance, extend, restructure or repay our remaining debt (including that of our Unconsolidated Real Estate Affiliates) with maturities in the short to intermediate term, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors that could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.
CONTACT: GGP - David Keating, VP of corporate communications, (312) 960-6325, firstname.lastname@example.org
SOURCE General Growth Properties, Inc.