Shares of General Growth Properties Inc (NYSE:GGP) ended Thursday session in green amid volatile trading. The shares closed up +0.29 points or 1.05% at $28.03 with 4.05 million shares getting traded. Post opening the session at $27.66, the shares hit an intraday low of $27.49 and an intraday high of $28.10 and the price vacillated in this range throughout the day. The company has a market cap of $23.91 billion and the numbers of outstanding shares have been calculated to be 884.74 million shares.
On September 16, 2016 Authentic Brands Group (ABG), General Growth Properties (GGP) and Simon Property Group (SPG) finalizes the acquisition of the global trend-focused apparel and accessories brand, Aéropostale. The consortium includes ABG, the owner of a global portfolio of fashion, sports and entertainment brands, GGP and SPG, two of the largest retail real estate companies in the world.
Aéropostale offers young women, men and kids a focused selection of active-oriented fashion and fashion basic merchandise at compelling values. The brand will continue to be available in over 700 retail doors around the world; more than 400 stores in the U.S. and Canada and approximately 300 doors across Latin America, Europe, the Middle East and Southeast Asia.
Through ABG’s proven know-how in brand building and licensing, combined with the expertise of retail real estate specialists, GGP and SPG, there is now a strong foundation in place for long term performance and growth.
“We are pleased to be part of this consortium that has saved thousands of jobs and preserved a legendary American brand,” said David Simon, Chairman and CEO, Simon Property Group. “We are encouraged by the tremendous amount of support we have received from employees, vendors and other landlords.”
“This consortium brings a new approach to brand development and Aéropostale brings another facet to ABG’s fashion portfolio,” said Jamie Salter, Chairman and CEO, ABG. “The purchase of Aéropostale propels the retail revenue driven by ABG’s brands to over $4.5 billion USD in retail sales worldwide. We look forward to working closely with our new partners, General Growth Properties and Simon Property Group to continue to grow the Aéropostale brand on a global scale.”
Shares of Gramercy Property Trust (NYSE:GPT) ended Thursday session in green amid volatile trading. The shares closed up +0.20 points or 2.19% at $9.33 with 3.87 million shares getting traded. Post opening the session at $9.13, the shares hit an intraday low of $9.08 and an intraday high of $9.33 and the price vacillated in this range throughout the day. The company has a market cap of $3.85 billion and the numbers of outstanding shares have been calculated to be 421.86 million shares.
Gramercy Property Trust (GPT) on September 13, 2016 announced that Fitch Ratings has assigned the Company and the Company’s operating partnership, GPT Operating Partnership LP, BBB issuer default ratings with a stable outlook.
Benjamin P. Harris, President of Gramercy Property Trust, stated, “We believe the rating speaks to our high quality real estate portfolio and will afford the Company additional financial flexibility as we continue to scale and operate our business.”