Mall owner may seek investors
7:51 AM Wed, Apr 16, 2008 | Permalink
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General Growth Properties, owner of 200 malls including the Providence Place mall, has $18.78 million in debt coming due in the next four months and is looking for joint venture partners for parts of its portfolio, the Wall Street Journal reported. Bernie Freibaum, chief financial officer at General Growth, said the company is speaking with pension funds and life-insurance companies. "It's not going to be that people can cherry-pick and just ask for the best assets," said Freibaum, "If it's multiple assets (in a deal), it will be a good cross-section of our portfolio." General Growth (GPP:NYSE) is also looking to sell office buildings and mortgage some of its malls. 
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General Growth is speaking with "pension funds" ! Hold on to your wallets Rhode Islanders because when the RI State Employees Retirement System's investment in the mall goes bust,the taxpayers will be on the hook for the loss.Of course,the "greedy" pensioners will bear the blame,even though they have little or no input into the way their contributions are invested.
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