General Growth Properties Inc. continues to trim its portfolio to focus on its regional mall holdings — pulling in money and cutting debt in the process.
The Chicago-based firm raised $280 million over the past three months by selling Faneuil Hall Marketplace in Boston, an office property in Seattle and a strip center in Provo, Utah. The sales also allowed the company to take $95 million in mortgage-related debt off its books.
“We continue to execute our investment strategy of focusing on our regional mall portfolio,” said Shobi Khan, chief operating officer. The company has interests in 166 malls across 43 states and a total of 169 million square feet of space.
Since December, General Growth has sold off nearly $680 million in properties. The company continues to hold properties for sale and has handed at least five others over to lenders since November.
In August, the company also laid out plans to spin off a portfolio of 30 malls encompassing 21.1 million square feet to its stockholders.
General Growth faltered during the financial crisis and filed for bankruptcy protection in April 2009, emerging as two companies in November, General Growth and The Howard Hughes Corp.
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