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Not sure how many people heard about this, but it is somewhat interesting if you street perform at one of their properties (Faneuil Hall in Boston, Pier 39 in S.F., Harborplace in Baltimore, etc...)
I haven't heard what the outcome for performers will be, but I'm sure we'll hear soon.
I haven't heard what the outcome for performers will be, but I'm sure we'll hear soon.
General Growth set to acquire the Rouse Company
By Associated Press, 8/20/2004 11:58
COLUMBIA, Md. (AP) General Growth Properties Inc., a Chicago-based developer of regional shopping malls, said Friday it will buy the Rouse Co. for about $7.2 billion. The deal will provide it with more leverage in negotiations with top retailers and give it some of the nation's premiere mall sites like Boston's Faneuil Hall and the Fashion Show Mall on the Las Vegas Strip.
The board of Columbia, Md.-based Rouse has approved the transaction, which is subject to shareholder approval. General Growth also will assume $5.4 billion in Rouse debt.
Rouse's stock soared almost 32 percent, or $16.17, to $66.78 a share in late morning trading on the New York Stock Exchange, but General Growth shares fell over 2 percent, or 72 cents, to $30.82.
With the acquisition, General Growth will own or manage a total of 225 malls. That would still leave it in second place behind Simon Property Group Inc., which operates 246 malls across the country, according to Malachy Kavanagh, a spokesman at the International Council of Shopping Centers.
Rouse a pioneer in creating entertainment mall retailing in the early 1980s operates more than 150 properties, encompassing retail, office, research and development and industrial space in 22 states. It owns, or has stakes in, 37 regional malls, four community centers and six mixed-use projects, totaling about 40 million square feet, including the Providence Place Mall in Rhode Island.
General Growth chief executive John Bucksbaum said Rouse's steady improvement in operations made it attractive. ''We strive to acquire centers that will continue to improve and be strong three, five and ten years from now,'' he said in a release. ''The Rouse Company offers all of this, and more.''
On Friday, Thomas J. DeRosa, vice chairman and chief financial officer for Rouse, touted the company's revised rating by Moody's Investor Service, which raised the real estate company's outlook from positive to stable. However, DeRosa did not mention the deal. Rouse officials could not be reached for comment on the proposed sale early Friday.
By Associated Press, 8/20/2004 11:58
COLUMBIA, Md. (AP) General Growth Properties Inc., a Chicago-based developer of regional shopping malls, said Friday it will buy the Rouse Co. for about $7.2 billion. The deal will provide it with more leverage in negotiations with top retailers and give it some of the nation's premiere mall sites like Boston's Faneuil Hall and the Fashion Show Mall on the Las Vegas Strip.
The board of Columbia, Md.-based Rouse has approved the transaction, which is subject to shareholder approval. General Growth also will assume $5.4 billion in Rouse debt.
Rouse's stock soared almost 32 percent, or $16.17, to $66.78 a share in late morning trading on the New York Stock Exchange, but General Growth shares fell over 2 percent, or 72 cents, to $30.82.
With the acquisition, General Growth will own or manage a total of 225 malls. That would still leave it in second place behind Simon Property Group Inc., which operates 246 malls across the country, according to Malachy Kavanagh, a spokesman at the International Council of Shopping Centers.
Rouse a pioneer in creating entertainment mall retailing in the early 1980s operates more than 150 properties, encompassing retail, office, research and development and industrial space in 22 states. It owns, or has stakes in, 37 regional malls, four community centers and six mixed-use projects, totaling about 40 million square feet, including the Providence Place Mall in Rhode Island.
General Growth chief executive John Bucksbaum said Rouse's steady improvement in operations made it attractive. ''We strive to acquire centers that will continue to improve and be strong three, five and ten years from now,'' he said in a release. ''The Rouse Company offers all of this, and more.''
On Friday, Thomas J. DeRosa, vice chairman and chief financial officer for Rouse, touted the company's revised rating by Moody's Investor Service, which raised the real estate company's outlook from positive to stable. However, DeRosa did not mention the deal. Rouse officials could not be reached for comment on the proposed sale early Friday.
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