Simpson Thacher Represents Blackstone in Investment in General Growth Properties
08.16.10
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The Firm is representing Blackstone in connection with its investment of $500 million of equity in General Growth Properties Inc. and a new entity that will hold General Growth’s non-core assets after it emerges from bankruptcy. Blackstone is participating in a restructuring plan that includes $8.55 billion of capital commitments from Brookfield Asset Management, Fairholme Capital and Pershing Square.
General Growth filed the largest real estate bankruptcy in U.S. history in April 2009 with $27 billion of debt. General Growth owns more than 200 malls in 44 states and is the second largest mall owner in the United States. Its shares trade on the New York Stock Exchange.
Earlier this year, the Firm represented Blackstone in an unsolicited proposal to acquire all of General Growth in partnership with Simon Property Group Inc. in a transaction valued at $33.5 billion. That proposal was withdrawn after it was not selected as the stalking horse bid.
The Simpson Thacher team working on the transaction includes: Brian Stadler, Tom Terbell and Jon Strom (M&A); Sandy Qusba and Jason Friedman (Bankruptcy); Sas Mehrara and Aaron Yowell (Real Estate); and John Hart and Sean Austin (Tax).