General Growth announces IPO

General Growth Properties, one of the largest mall property managers in the country and owner of the South Street Seaport retail area, is planning to launch an initial public offering on the New York Stock Exchange Friday, according to the Associated Press. GGP had filed for bankruptcy protection last April — the largest real estate bankruptcy case ever recorded in the U.S. — and has recently been the target of investment and buyout offers from other companies. Simon Property Group offered to buy the company outright in February for $10 billion, but was turned down. Canadian group Brookfield Asset Management, however, saw its $2.5 billion investment offer last week accepted, a move that allowed GGP to exit Chapter 11 protection.