General Growth Properties Inc. filed its formal Form 10 registration Monday with the Securities and Exchange Commission to distribute a 21.1-million-square-foot, 30-mall portfolio to GGP stockholders through a taxable dividend plan. In the filing, the company said the new company, Rouse Properties Inc., will spend about $230 million to renovate the properties. The properties include the 303,619-square-foot White Mountain Mall in Rock Springs. The goals of the new company, GGP said in the filing, are to reposition and refresh the properties, particularly with approximately $230 million of development expenditures through 2015. Rouse will aggressively pursue lease-up of vacant space, convert temporary tenants to permanent tenants, improve property aesthetics and evaluate external growth opportunities as appropriate, including transforming low value in-line space into big box to meet demand for fitness centers, sporting goods stores, electronics stores and supermarkets.
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