Blackstone Considers Joining Simon Property's Bid for GGP
BusinessWeek reports: Blackstone Group LP, the world’s largest private-equity firm, may join Simon Property Group Inc.'s bid to buy bankrupt General Growth Properties Inc., according to two people with knowledge of the discussions.
Blackstone is in talks with Simon, the biggest U.S. mall owner, said the people, who declined to be identified because the negotiations are private.
Simon offered more than $10 billion to buy General Growth out of bankruptcy in a bid it made public February 16, 2010. General Growth Properties Chief Executive Officer Adam Metz said the offer was too low and that Simon’s goals are “not aligned” with those of his Chicago-based company.
“Blackstone has a lot of capital to put to work and large investors feel there may be more opportunity at the entity-level as opposed to competing for individual properties,’’ Dan Fasulo, managing director of research firm Real Capital Analytics Inc. in New York, said in an interview. “This is a unique portfolio and there will be other interested parties.’’
View the full article on BusinessWeek: Blackstone Considers Joining Simon Property's Bid for GGP
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