General Growth Properties

General Growth Properties, commonly known as GGP, was an American commercial real estate company whose principal business was the ownership, development, leasing, and management of shopping centers and regional malls. Its roots dated to 1954, when brothers Martin, Matthew, and Maurice Bucksbaum established General Management in Iowa. The brothers borrowed $1.2 million to develop the Town & Country Shopping Center in Cedar Rapids, creating an additional location for the grocery business founded by their father. The company expanded from that initial project into a large national owner and operator of retail properties. General Management owned five malls by 1964 and moved its headquarters to Des Moines, Iowa. In 1970, it adopted the General Growth Properties name and became a public company through an initial public offering. The company later broadened its real estate platform through acquisitions, management contracts, and investments in shopping-center portfolios. In 1984, it sold its property holdings to Equitable Real Estate Investment Management for $800 million while retaining property-management responsibilities. It subsequently acquired Center Companies in 1989, purchased an interest in Centermark Properties in 1994, and acquired Homart Development Company from Sears in 1995. These transactions helped establish GGP as a significant shopping-center management and development business. The company returned to public ownership through a 1993 initial public offering. In 1995, the death of co-founder and chief executive Martin Bucksbaum was followed by a headquarters move from Des Moines to Chicago. Martin's son John Bucksbaum later became chief executive in 1999. GGP's most consequential expansion came in 2004, when it acquired The Rouse Company for $7.2 billion in cash. The acquisition added 37 regional shopping malls and brought the Howard Hughes Corporation, a land-development business, into the broader corporate structure. The Rouse acquisition and the company's wider expansion left GGP highly leveraged. By 2008, its debt had reached approximately $25 billion, and the company faced substantial debt maturities during a severe real estate and credit-market downturn. John Bucksbaum was removed as chief executive, although he remained chairman, and Adam Metz became CEO. In 2009, GGP missed a repayment deadline on $900 million of loans secured by two Las Vegas properties. On April 16, 2009, it filed for bankruptcy protection, becoming one of the largest real estate companies in the United States to enter bankruptcy proceedings. Pershing Square Capital Management provided $375 million in debtor-in-possession financing. Brookfield Asset Management invested $2.625 billion in GGP in 2010. GGP exited bankruptcy protection in November of that year after creditors were paid in full and equity holders recovered a substantial portion of their investment. The restructuring also separated the Howard Hughes Corporation, which was spun off to GGP shareholders. In 2012, GGP completed the spin-off of Rouse Properties, further reshaping its portfolio around larger retail assets. Under CEO Sandeep Mathrani, the company continued to dispose of selected assets and invest in prominent properties, including the Crown Building in New York, acquired in 2015 for $1.78 billion. GGP changed its corporate name to GGP Inc. in January 2017. On August 28, 2018, Brookfield Property Partners acquired the company for $9 billion in cash and transferred management of the former GGP portfolio to Brookfield Properties. The transaction reunited the GGP malls with properties previously separated through the Rouse Properties spin-off. Following the acquisition, Brookfield sold minority interests in several former GGP super-regional malls to CBRE Group and to Nuveen, a TIAA subsidiary, as part of a joint-venture strategy. Reference material states that Brookfield's American retail business reverted to the GGP brand in 2026 and that the branded business owned…

General Growth Properties began in Cedar Rapids, Iowa, in 1954 as General Management. Martin, Matthew, and Maurice Bucksbaum founded the company after borrowing $1.2 million to develop the Town & Country Shopping Center. The project supported the grocery business established by their father and provided the foundation for a larger shopping-center enterprise. By 1964, the company owned five malls and had moved its headquarters to Des Moines. In 1970, General Management changed its name to General Growth Properties and completed an initial public offering. The company developed, owned, managed, and invested in shopping centers, expanding through both property acquisitions and management relationships. In 1984, it sold its holdings to Equitable Real Estate Investment Management for $800 million while retaining property-management responsibilities. The 1989 acquisition of Center Companies made GGP one of the largest shopping-center management companies in the United States. GGP returned to public ownership through another initial public offering in 1993, raising $400 million. The company pursued further expansion during the 1990s. It acquired a 40 percent interest in Centermark Properties from Prudential Financial in 1994 and sold part of that interest the following year. In 1995, it purchased Homart Development Company from Sears for $1.85 billion. Martin Bucksbaum died that year, and the company moved its headquarters from Des Moines to Chicago. His son John Bucksbaum became chief executive in 1999. GGP's strategic scale increased sharply in 2004 through its $7.2 billion cash acquisition of The Rouse Company. The deal added 37 regional shopping malls and brought Howard Hughes Corporation, a land-development business, into GGP's corporate structure. The acquisition contributed to a highly leveraged balance sheet. By 2008, GGP had approximately $25 billion in debt and faced significant refinancing and repayment obligations during the global financial crisis. John Bucksbaum was removed as CEO, Adam Metz succeeded him, and investor Bill Ackman disclosed a 25 percent ownership position in December 2008. In 2009, GGP missed repayment deadlines on loans backed by two Las Vegas properties. On April 16, it filed for bankruptcy protection, becoming one of the largest real estate companies in the United States to do so. Pershing Square Capital Management provided $375 million in debtor-in-possession financing. Brookfield Asset Management invested $2.625 billion in 2010, helping support the restructuring. GGP emerged from bankruptcy in November 2010; creditors were paid in full and shareholders received a substantial recovery. The reorganization separated Howard Hughes Corporation and ultimately led to additional portfolio restructuring. Adam Metz and President and COO Thomas Nolan left in December 2010, and Sandeep Mathrani became CEO. GGP sold Faneuil Hall in 2011 and completed the spin-off of Rouse Properties in 2012. Co-founder Matthew Bucksbaum died in 2013. In 2014, Bill Ackman sold his remaining GGP shares back to the company for $556 million. GGP acquired the Crown Building for $1.78 billion in 2015 and changed its name to GGP Inc. in 2017. Brookfield Property Partners acquired GGP on August 28, 2018, for $9 billion in cash. Brookfield transferred management of the former GGP portfolio to Brookfield Properties, reuniting the malls with assets previously separated through the Rouse Properties spin-off. It also sold 49 percent interests in several former GGP super-regional malls to CBRE Group and to Nuveen, a TIAA subsidiary, while seeking other joint-venture arrangements. Reference material states that the GGP name was restored for Brookfield's U.S. retail operations in 2026.

1. 2026GGP branding restored for U.S. retail operations

   Reference material states that Brookfield's American retail group reverted to the GGP brand.

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2. 2018Acquired by Brookfield Property Partners

   Brookfield Property Partners acquired GGP for $9 billion in cash and integrated its portfolio into Brookfield Properties.

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3. 2017Corporate name changed to GGP Inc.

   The company changed its corporate name to GGP Inc.

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4. 2012Rouse Properties spun off

   GGP distributed Rouse Properties to shareholders as part of its post-bankruptcy portfolio restructuring.

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5. 2010Bankruptcy reorganization completed

   GGP exited bankruptcy after Brookfield investment and a restructuring that paid creditors in full.

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6. 2009Bankruptcy protection filed

   GGP filed for bankruptcy protection amid heavy debt and missed loan repayments.

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7. 2004The Rouse Company acquired

   GGP acquired The Rouse Company for $7.2 billion in cash, adding regional malls and the Howard Hughes Corporation.

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8. 1995Homart Development Company acquired

   GGP acquired Homart Development Company from Sears for $1.85 billion.

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9. 1993Second public offering

   GGP returned to public markets and raised $400 million through an initial public offering.

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10. 1989Center Companies acquired

    The acquisition expanded GGP's shopping-center management operations.

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11. 1984Property portfolio sold to Equitable

    GGP sold its holdings to Equitable Real Estate Investment Management for $800 million while retaining property-management responsibilities.

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12. 1970General Growth Properties name adopted

    General Management changed its name to General Growth Properties and became publicly traded through an initial public offering.

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13. 1954Company founded in Iowa

    Martin, Matthew, and Maurice Bucksbaum founded General Management and developed the Town & Country Shopping Center in Cedar Rapids.

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A large-scale U.S. retail real estate owner and operator focused on shopping centers, regional malls, premium retail destinations, and related property-management and development activities.

• Regional shopping mallsRetail real estate1954

  GGP's core assets were regional shopping malls serving broad metropolitan and regional catchment areas. The company owned, developed, leased, and managed properties anchored by department stores, specialty retailers, restaurants, and entertainment uses. Its scale made portfolio management, tenant leasing, redevelopment, and access to institutional capital central elements of the offering.

• Super-regional mallsRetail real estate

  The company also operated very large destination-oriented malls drawing customers from wide geographic areas. These properties typically combined extensive specialty-retail selections with major anchors, dining, entertainment, and redevelopment opportunities. After Brookfield's acquisition, former GGP super-regional malls remained part of Brookfield Properties' retail platform, often through joint-venture ownership structures.

• Commercial property managementReal estate services1984

  GGP provided property-management and operating services for shopping-center assets. Its management capabilities included tenant coordination, leasing administration, maintenance, capital improvements, marketing support, and the operation of common areas. The company retained management responsibilities even after some property holdings were sold, reflecting the importance of services alongside ownership.

• Urban and mixed-use retail propertiesRetail real estate2015

  GGP held and invested in prominent urban retail properties in addition to conventional suburban and regional malls. The acquisition of New York's Crown Building illustrated its interest in high-profile metropolitan assets. Such properties broadened the portfolio beyond enclosed shopping centers and offered opportunities tied to premium locations, redevelopment, and mixed-use real estate value.

• 2026Restore GGP brand for American retail operationsStrategy

  After GGP's integration into Brookfield Properties, the brand was positioned for renewed use in Brookfield's U.S. retail business.

  What changed. Reference material states that Brookfield's American retail group reverted to the GGP brand.

  Aftermath. The branded business was stated to own 101 U.S. retail properties as of January 2026.

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• 2018Sell the company to Brookfield Property PartnersM&A

  GGP operated a large U.S. mall portfolio after restructuring, while Brookfield Property Partners sought to expand its retail real estate platform.

  What changed. Brookfield Property Partners acquired GGP for $9 billion in cash and transferred portfolio management to Brookfield Properties.

  Aftermath. GGP ceased to operate as an independent company. The acquisition reunited the GGP and Rouse Properties mall portfolios, while Brookfield sold minority interests in several assets to institutional partners.

  Acquisition consideration. $9 billion in cash (2018)

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• 2012Spin off Rouse PropertiesStrategy

  Following its bankruptcy reorganization, GGP continued to separate businesses and refine its retail real estate portfolio.

  What changed. The company distributed Rouse Properties to its shareholders through a spin-off.

  Aftermath. The transaction separated a group of properties from GGP before the later Brookfield acquisition reunited the former Rouse and GGP mall portfolios.

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• 2010Complete bankruptcy restructuringStrategy

  GGP required new capital and a restructuring plan after its 2009 bankruptcy filing.

  What changed. Brookfield Asset Management invested $2.625 billion, and GGP completed its reorganization and emerged from bankruptcy protection in November.

  Aftermath. Creditors were paid in full, equity holders received a substantial recovery, and the company proceeded with portfolio separations and management changes.

  Brookfield equity investment. $2.625 billion (2010)

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• 2009File for bankruptcy protectionOther

  GGP faced approximately $25 billion in debt, substantial repayment requirements, and missed repayments on loans secured by two Las Vegas properties.

  What changed. The company filed for bankruptcy protection and obtained $375 million in debtor-in-possession financing from Pershing Square Capital Management.

  Aftermath. The reorganization ultimately allowed GGP to exit bankruptcy in 2010, with creditors paid in full and the Howard Hughes Corporation separated from the company.

  Debtor-in-possession financing. $375 million (2009)

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• 2004Acquire The Rouse CompanyM&A

  GGP sought to expand its national shopping-center platform and acquired The Rouse Company, including its regional malls and the Howard Hughes Corporation.

  What changed. GGP completed the acquisition for $7.2 billion in cash.

  Aftermath. The transaction significantly increased GGP's scale but contributed to the highly leveraged structure that later became difficult to refinance.

  Acquisition price. $7.2 billion (2004)

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• 2026GGP brand returns to Brookfield's American retail business

  Reference material states that Brookfield's American retail business reverted to the GGP brand and operated 101 U.S. retail properties.

  Other
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• 2018Brookfield Property Partners completes acquisition of GGP

  Brookfield Property Partners acquired GGP for $9 billion in cash and moved management of its former portfolio into Brookfield Properties.

  M&A
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• 2015GGP acquires the Crown Building

  GGP acquired New York's Crown Building for $1.78 billion, adding a prominent urban property to its portfolio.

  M&A
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• 2012GGP completes Rouse Properties spin-off

  The company completed the spin-off of Rouse Properties to its shareholders, narrowing and reorganizing its retail property portfolio.

  M&A
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• 2010Brookfield Asset Management makes major equity investment in GGP

  Brookfield Asset Management invested $2.625 billion in General Growth Properties during the company's restructuring.

  M&AOther
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• 2010GGP exits bankruptcy protection

  GGP completed its bankruptcy reorganization, paying creditors in full and providing a substantial recovery to equity holders.

  Bankruptcy
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• 2009GGP misses repayment deadline on Las Vegas property loans

  General Growth Properties missed a deadline to repay $900 million in loans backed by two Las Vegas properties, intensifying concerns about its liquidity and solvency.

  BankruptcyOther
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• 2009General Growth Properties files for bankruptcy protection

  GGP filed for bankruptcy protection on April 16, 2009, in one of the largest U.S. real estate bankruptcy cases, and obtained debtor-in-possession financing from Pershing Square Capital Management.

  Bankruptcy
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1. GGP (company)