General Growth’s JV in IPO $$

• Posted by ToddSullivan
• on February 3rd, 2010

Nice little monetization

Based on these numbers, we are looking at a cool $76.3M to the “asset” side of GGP’s ledger. Not a huge amount but definately very helpful…

General Growth Properties, Inc. (“GGP”) today announced Aliansce Shopping Centers S.A. (“Aliansce”) has completed an initial public offering of Aliansce’s common shares on the Brazilian Stock Exchange, or BM&FBovespa. GGP did not sell any of its Aliansce shares in the offering and now has approximately a 31.4% ownership interest in Aliansce, which develops, owns and manages shopping centers in Brazil.

The initial public offering involved 65,000,000 of Aliansce’s common shares, with each share priced at R$9.00 (equivalent to approximately US$4.86). Aliansce sold 50,000,000 shares in the offering and selling shareholders other than GGP sold 15,000,000 shares.

The securities were not registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

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