Latticework Investor

Value Investing

GGP worth US$10 – US$30

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The Manual of Ideas blog has posted Bill Ackman’s (Pershing Square Capital) presentation on General Growth Properties.

GGP owns of over 200 malls, operates a management and leasing businss (that services other mall owners) and is a land developer.

GGP voluntarily entered bankrupty on the 16th of April. This was due to the disruption in the credit markets which meant GGP could not refinance its debt.

The presentation lays out a case for the company being worth between US$10 and US$30, on the basis its assets are worth more than they liabilities and it just needs reorganise its debt.

GGP currently trades at around US$2.

View this document on Scribd

Written by latticework01

June 2, 2009 at 11:04 am

Posted in ggp, picks

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