GGP finds buyers

March 04, 2009|By Bloomberg News

General Growth Properties Inc., the mall owner at risk of bankruptcy, received offers of almost $400 million for properties including Baltimore's Harborplace & the Gallery and Boston's Faneuil Hall, according to a person familiar with the matter.

General Growth put the two properties and New York's South Street Seaport up for sale in December. More than 10 bids were received and General Growth could sell the properties individually or as a package with offers of almost $400 million for all three, said the person, who asked not to be identified because the sales aren't public.

General Growth is negotiating with lenders and selling real estate to remain solvent. The company said last week that it has $1.18 billion in past-due debt, and it warned again that it might be forced into bankruptcy.

The Chicago-based company is likely to choose a buyer for Faneuil Hall, South Street Seaport and Harborplace & the Gallery in the next several weeks, the person familiar with the sale said. The three properties were acquired when General Growth purchased Columbia-based Rouse Co. for $11.3 billion in 2004.

General Growth spokesman Tim Goebel declined to comment.

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