GGP Approves Spin-off, Reveals Capital Structure

CHICAGO-Locally based General Growth Properties Inc.’s board of directors has officially approved the spin-off of its subsidiary, Rouse Properties Inc. The spin-off will be completed through a pro rata taxable dividend of voting common stock of Rouse Properties held by GGP on Thursday, Jan. 12, 2012 to GGP stockholders of record as of the close of business on the New York Stock Exchange on Friday, Dec. 30, 2011.

As GlobeSt.com previously reported, CEO Sandeep Mathrani said the trust was on track to complete this spinoff by year end, and that a CEO should be forthcoming. “We have narrowed the candidates and we hope to make an announcement in the very near term,” he said. In August, GGP filed its formal Form 10 registration Monday with the Securities and Exchange Commission to distribute the 21.1-million-square-foot, 30-mall portfolio, named Rouse Properties, to GGP stockholders through a taxable dividend plan.