(January 17, 2012, Weil News)
General Growth Properties, Inc., one of the largest shopping center owners in the U.S., announced that its board of directors has approved the spin-off of Rouse Properties, Inc., a subsidiary whose portfolio includes 30 regional malls in 19 states. Weil, Gotshal & Manges represented GGP on the transaction.
Under the terms of the spin-off plan, a pro rata taxable dividend of voting common stock of Rouse Properties held by GGP as of January 12, 2012 will be distributed to GGP shareholders. GGP shareholders will receive approximately 0.0375 shares of Rouse Properties’ common stock for every share of GGP common stock.
GGP emerged from chapter 11 bankruptcy protection in November 2010. During the course of its bankruptcy proceeding, GGP's stock was re-listed in the New York Stock Exchange, an unprecedented milestone. Its reorganization plan paid all creditors in full and returned substantial value to shareholders.
Weil's team included Corporate partners Heather Emmel, Matthew Bloch, J. Philip Rosen, Angela Fontana, Frederick Green, Mary Korby, and Ellen Odoner; Tax partners Larry Gelbfish and Scott Sontag; Corporate associates Noam Haberman, David Gail, Hannah Skeete, Erin Wiley, Lyuba Goltser, Matt Ellis; and Tax associates R. Todd Hatcher and Adam Mendelowitz.