The GGP drama is finally nearing its end and time is running out to jump aboard the Howard Hughes Corporation prior to its spinoff from General Growth Properties (GGP). With GGP’s emergence from bankruptcy around the corner, the company announced November 1st as the date for distribution of shares of the two separate publicly traded corporations. According to the plan, shareholders will receive .0983 of a share of Howard Hughes for every share of the ‘old’ GGP they own. The company also filled out its management team, by naming Sandeep Mathrani, formerly President of the retail division at Vornado Trust, as its new CEO.
On the spinoff side, Howard Hughes has filed for an IPO. The company will offer 22.3 million shares for sale and warrants for the purchase of up to 8 million shares leaving the total shares outstanding at 37.7 million (not including the warrants). Apparently, Blackstone Real Estate Partners VI LP and other investors have agreed to buy shares at $47.62 – perhaps establishing a share price benchmark. The company will trade under the ticker ‘HHC’.
Disclosure: Author currently owns no shares in any stock mentioned
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