Commercial & Residential Property Blog

Based General Growth Properties Inc. may be able to sidestep Simon Property Group and other unwanted suitors under a formal proposal made on Monday by Fairholme Capital Management L.L.C., one of its largest unsecured creditors, and Pershing Square Capital Management, one of GGP’s largest equity holders and a significant unsecured creditor as well. Under the terms of the deal, Fairholme and Pershing Square would commit $3.925 billion of new equity capital at a value of $15 per share to facilitate the company’s emergence from bankruptcy.