General Growth unloads 10 million shares

CHICAGO - Chicago-based General Growth Properties Inc. has sold 10 million shares of common stock resulting in net proceeds of approximately $332 million. The shares will be resold under a shelf registration statement with New York-based Lehman Brothers Inc. acting as sole underwriter. The offering is being made only by means of a prospectus, which can be obtained from Lehman Brothers. Lehman Brothers also has a "green shoe" option to purchase 1 million additional shares at the same price.

The net proceeds of the offering will be used to purchase certain assets under contract and to fund current and anticipated development and redevelopment activities.

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