Mall buyers are grumbling about an unusual marketing plan that broker AEW Capital Management has adopted for General Motors Pension Trust's offering of 50% stakes in five Class-A malls

Real Estate Alert, June 2, 2004

Mall buyers are grumbling about an unusual marketing plan that broker AEW Capital Management has adopted for General Motors Pension Trust's offering of 50% stakes in five Class-A malls. The package is expected to sell for about $550 million. Because the GM fund is concerned about who it will end up with as a partner, AEW is asking bidders to submit strategies for the properties --in effect, essays that outline management approaches, expansion and repositioning plans, and competitive advantages that the buyer would bring to the table.

Prospective bidders have called the step time consuming and are worried that they will end up giving free advice to the GM fund. The submissions are due this week.