March 25, 2008 / 5:44 AM / 11 years ago

General Growth offers $822 mln stock

NEW YORK, March 25 (Reuters) - General Growth Properties Inc GGP.N, a large U.S. real estate investment trust, on Tuesday said it raised about $821.9 million from an offering of 22.83 million common shares at $36 each.

The Chicago-based REIT said it will use net proceeds to repay borrowings under a revolving credit facility and pay down other debt, and for other general corporate purposes.

General Growth said the offering also includes 2.45 million shares being sold to MB Capital Partners III, an affiliate of both Chairman Emeritus Matthew Bucksbaum and Chairman and Chief Executive John Bucksbaum.

General Growth said it has ownership stakes in or management responsibility for more than 200 shopping malls in 45 U.S. states, as well as ownership in planned community developments and commercial office buildings. Its shares closed Monday at $38.26 on the New York Stock Exchange. (Reporting by Jonathan Stempel; Editing by Michael Urquhart)

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