General Growth It looks like General Growth Properties — the troubled real estate investment trust that owns Shoppes at Palazzo, Grand Canal Shoppes at Venetian, Fashion Show, Boulevard and Meadows mall — has some more investors coming in.
Morgan Stanley recently increased its stake in the company to 5.1 percent. The move pushed share values up on Wednesday.
It’s the second investment in the company since it fell on hard times and appeared close to bankruptcy. Hedge Fund Pershing Square recently bought up to 20 percent of GGP for just $19 million in cash.
The Web site www.istockanalyst.com seems to think investors are going to blink and let GGP slide on some debt in order to avoid bankruptcy. The company recently got two-week extensions on about $900 million in loans against Fashion Show and Shoppes at Palazzo. It owes about $3 billion more by the end of 2009.
To see the istockanalyst article go to:
GGP’s entry on Google Finance: