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Stock Market & Financial Investment News

News Breaks
January 28, 2013
17:54 EDTGGPGeneral Growth purchases warrants held by Blackstone and Fairholme
General Growth Properties announced the purchase of warrants held by affiliates of The Blackstone Group (BX) and Fairholme Funds for approximately $633M. The company will fund the transactions using its available cash resources. The warrants were exercisable into approximately 52M common shares of the company at a weighted average exercise price of approximately $9.37 per share. The warrants were scheduled to expire in November 2017. Effective with these transactions, Blackstone and Fairholme no longer hold any warrants to acquire the company's common shares. In addition, pursuant to an offer previously made by Brookfield Asset Management to the company, the independent members of the company's board decided not to purchase the warrants recently acquired by Brookfield from affiliates of Pershing Square Capital Management. Brookfield is now the sole holder of the Company's remaining outstanding warrants which are currently exercisable into approximately 83M common shares of the company at a weighted average exercise price of approximately $9.53 per share.
News For GGP From The Last 14 Days
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April 27, 2015
16:05 EDTGGPGeneral Growth sees FY15 FFO $1.40-$1.46, consensus $1.43
16:05 EDTGGPGeneral Growth sees Q2 FFO 31c-33c, consensus 33c
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16:04 EDTGGPGeneral Growth reports Q1 FFO 32c, consensus 32c
Reports Q1 revenue $594.14M, consensus $631.26M. Reports Same Store NOI up 3.3% to 543M.
15:04 EDTGGPNotable companies reporting after market close
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April 21, 2015
16:13 EDTGGPGeneral Growth acquires The Crown Building for $1.775B
General Growth Properties announced the acquisition of The Crown Building located at 730 5th Avenue in New York City. The Crown Building is a 26-story retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan. The acquisition price was $1.775B and was partially funded with $1.25B of secured debt. GGP and Jeff Sutton will own, redevelop, lease and manage the retail portion of the property. The retail is currently occupied by tenants such as Bulgari, Piaget, and Mikimoto and is comprised of approximately 100,000 square feet.

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