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Second-Largest Retail REIT Lands $1.5B Refi For 15 Malls

Photo credit: Bisnow, Wikipedia

General Growth Properties, the US’s second-largest retail REIT, scored a $1.4B loan refinance on 15 malls across the country.

US Bank served as lead-left arranger, joint bookrunner and administrative agent for the loan. It was joined by 14 other lenders on the refi, which GGP is using for flexibility in investment and portfolio optimization, GlobeSt reports.

The loan is good news for GGP ahead of the its Q1 earnings report due May 2—which could spell bad news for GGP shares, as the rise of e-commerce continues to weigh heavy on retail REITs. [GS]

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