EX-99.1
2
exhibit1.htm
EX-99.1
EX-99.1
News Release General Growth Properties, Inc.
110 North Wacker Drive
Chicago, IL 60606
(312) 960-5000
FAX (312) 960-5475
FOR IMMEDIATE RELEASE
CONTACT: David Keating
Sr. Manager, Media Relations
david.keating@generalgrowth.com
(312) 960-6325
GENERAL GROWTH PROPERTIES, INC. COMPLETES ACQUISITION OF THE ROUSE COMPANY
Chicago, Illinois, Novemer 12, 2004
-General Growth Properties, Inc.
(NYSE: GGP)
has completed
the previously announced acquisition of Maryland-headquarted The Rouse Company, a premier real
estate development and management company.
The Rouse Company acquisition adds 37 regional shopping malls, four community centers, and six
mixed-use projects totaling 40 million square feet to General Growth's portfolio of owned shopping
centers. There is also a portfolio of office, industrial and other commercial properties totaling
approximately 9 million square feet and considerable undeveloped land in some of the most
successful master planned communities in the country, such as Summerlin, Nevada, Columbia, Maryland
and The Woodlands outside Houston.
Sales per square foot for the retail properties average approximately $439 and occupancy is
approximately 92 percent. The portfolio of retail centers includes such world-class properties as
Water Tower Place (Chicago), Oakbrook Center (Oakbrook, IL-Chicago), Fashion Show Mall (Las Vegas)
and Faneuil Hall Marketplace (Boston). The planned community development projects (commercial and
residential), two of which include Summerlin, outside Las Vegas, and Bridgelands, near Houston,
will capture the spirit of local commerce, art, culture and recreation, within a close-knit,
community setting.
The office portfolio is located primarily in the Baltimore/Washington corridor and the rapidly
growing Las Vegas market. The office properties provide quality space and great visibility for all
types of business.
General Growth Properties, Inc. is a nationwide shopping center owner, developer and manager of
regional shopping malls. General Growth currently has ownership interest in, or management
responsibility for, a portfolio of 221 regional shopping malls and numerous other types of
properties in 44 states. The company portfolio totals approximately 200 million square feet of
space and includes over 16,000 retailers nationwide. The second largest U.S.-based publicly traded
Real Estate Investment Trust (REIT), General Growth Properties, Inc. is listed on the New York
Stock Exchange under the symbol GGP. For more information, please visit the company web site at
http://www.generalgrowth.com
.
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EX - 99 . 1 2 exhibit1 . htm EX - 99 . 1 EX - 99 . 1 News Release General Growth Properties , Inc . 110 North Wacker Drive Chicago , IL 60606 ( 312 ) 960 - 5000 FAX ( 312 ) 960 - 5475 FOR IMMEDIATE RELEASE CONTACT : David Keating Sr . Manager , Media Relations david.keating@generalgrowth.com ( 312 ) 960 - 6325 GENERAL GROWTH PROPERTIES , INC . COMPLETES ACQUISITION OF THE ROUSE COMPANY Chicago , Illinois , Novemer 12 , 2004 - General Growth Properties , Inc . ( NYSE : GGP ) has completed the previously announced acquisition of Maryland - headquarted The Rouse Company , a premier real estate development and management company . The Rouse Company acquisition adds 37 regional shopping malls , four community centers , and six mixed - use projects totaling 40 million square feet to General Growth 's portfolio of owned shopping centers . There is also a portfolio of office , industrial and other commercial properties totaling approximately 9 million square feet and considerable undeveloped land in some of the most successful master planned communities in the country , such as Summerlin , Nevada , Columbia , Maryland and The Woodlands outside Houston . Sales per square foot for the retail properties average approximately $ 439 and occupancy is approximately 92 percent . The portfolio of retail centers includes such world - class properties as Water Tower Place ( Chicago ) , Oakbrook Center ( Oakbrook , IL - Chicago ) , Fashion Show Mall ( Las Vegas ) and Faneuil Hall Marketplace ( Boston ) . The planned community development projects ( commercial and residential ) , two of which include Summerlin , outside Las Vegas , and Bridgelands , near Houston , will capture the spirit of local commerce , art , culture and recreation , within a close - knit , community setting . The office portfolio is located primarily in the Baltimore / Washington corridor and the rapidly growing Las Vegas market . The office properties provide quality space and great visibility for all types of business . General Growth Properties , Inc . is a nationwide shopping center owner , developer and manager of regional shopping malls . General Growth currently has ownership interest in , or management responsibility for , a portfolio of 221 regional shopping malls and numerous other types of properties in 44 states . The company portfolio totals approximately 200 million square feet of space and includes over 16,000 retailers nationwide . The second largest U . S . - based publicly traded Real Estate Investment Trust ( REIT ) , General Growth Properties , Inc . is listed on the New York Stock Exchange under the symbol GGP . For more information , please visit the company web site at http://www.generalgrowth.com . # # #