Until General Motors Pension Trust decides whether to divide its $1 billion mall portfolio among multiple investors, companies interested in individual properties—including CBL & Associates and Wilmorite—will have to wait on the sidelines

Real Estate Alert, July 7, 2004

Until General Motors Pension Trust decides whether to divide its $1 billion mall portfolio among multiple investors, companies interested in individual properties--including CBL & Associates and Wilmorite--will have to wait on the sidelines. So far, General Growth Properties and Westfield America are bidding on the entire portfolio, which consists of three 100% interests and five joint-venture stakes.

Macerich, Mills Corp. and Taubman Centers, meanwhile, will bid on the joint-venture stakes--and possibly the 100% interests--by the July 15 deadline. Simon Property is officially out of the running, but could still seek to cut a deal outside the bidding process. The properties offer initial annual yields of 5.8-7.9%. AEW Capital Management has the listing.