Page "General Growth Properties" Paragraph 5

In 1970, General Management became General Growth Properties ( GGP ).

Two years later GGP became a publicly traded company on the New York Stock Exchange.

However, by 1984, management felt that the company's stock price did not fully reflect the value of its business.

So management decided to sell the company's assets and take the company private.

GGP sold 19 malls to Equitable Real Estate in an $ 800 million deal – considered the largest single real estate transaction in the United States at that time – but continued to manage the malls as part of the deal.

Ultimately, shareholders realized a 22 % internal rate of return on their investment from the original initial public offering ( IPO ) through 1984.

GGP issued another public offering in 1993 to raise money for future expansion plans.

In 1995, GGP moved its headquarters from Des Moines, Iowa, to Chicago.