Multiple suitors for the owner of Ala Moana Center - Hawaii News Now - KGMB and KHNL

Multiple suitors for the owner of Ala Moana Center

By Howard Dicus - bio | email

CHICAGO (HawaiiNewsNow) - Three major investment groups are now showing interest in acquiring all or part of General Growth Properties when the number two U.S. mall owner emerges soon from Chapter 11 bankruptcy.

Simon Properties, the only owner of more U.S. malls than General Growth Properties has, had its $10 billion acquisition offer rejected, but GGP executives said Thursday they were still open to a revised offer from Simon, which owns 300 malls including Waikele Premium Outlets.

Canada's Brookfield Asset Management and Australia's Westfield Group are reportedly also negotiating with GGP, and one possible outcome, according to mainland news reports Thursday, is the split-up of GGP into two companies, one that would kept the best of its 200 malls, including Ala Moana Center, and one that would focus on other development projects, possibly including Victoria Ward Ltd.

General Growth also owns Prince Kuhio Plaza in Hilo and manages several other local shopping centers including Windward Mall, Queen Kaahumanu Plaza and others.

Because it is in Chapter 11, General Growth is under the control of a federal bankruptcy judge and that judge has sign-off power over any acquisition or investment proposal.

Copyright 2010 HawaiiNewsNow. All rights reserved.

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