General Growth Properties could sell assets, seek business combinations to raise capital

By Lisa Kerner

Charlotte, N.C., Sept. 22 - General Growth Properties, Inc. said it is developing a comprehensive plan to generate capital from sources that could include core and non-core asset sales, the sale of joint-venture or preferred equity in selected pools of its assets, a corporate-level capital infusion and strategic business combinations.

The Chicago-based real estate investment trust expects to be in a position to offer lenders long-term fixed-rate portfolio mortgage financing in mid to late November.

In the meantime, General Growth Properties will "actively pursue several sources of financing" to meet its near-term maturing obligations, a company news release said.

According to the REIT, occupancy reached a record high of 93.2% in the second quarter of 2008 and comparable net operating income continued to increase.

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