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Press release from Business Wire

General Growth Properties Announces Opening of Boulevard Shopping Belo Horizonte in Brazil

Wednesday, November 03, 2010

General Growth Properties Announces Opening of Boulevard Shopping Belo Horizonte in Brazil17:59 EDT Wednesday, November 03, 2010 CHICAGO (Business Wire) -- General Growth Properties (NYSE: GGP) and Aliansce Shopping Centers (Bovespa: ALSC3) today announced the opening of Boulevard Shopping Belo Horizonte in the city of Belo Horizonte. Belo Horizonte is Brazil's third-largest consumer market with a population of more than 5 million inhabitants in the metropolitan area. Boulevard Shopping Belo Horizonte is the second-largest mall in the city with GLA of approximately 462,800 square feet. The mall has 200 in-line stores and is anchored by Renner, Riachuelo, C&A, Carrefour and a multiplex theater. The center's roster includes major national chains such as Casas Bahia, Ponto Frio, Fastshop, Centauro, Leitura and Camicado. Adam Metz, chief executive officer of General Growth Properties stated, “Boulevard Shopping Belo Horizonte is a dynamic shopping environment. The center has a beautiful design. The retailers in the mall will help fill a void of top quality merchants in this trade area.” Metz continued, “Aliansce is a strategic part of GGP's retail platform. We believe there are a lot of synergies between our domestic and Brazilian portfolios. GGP looks forward to participating in the continued growth of the Aliansce portfolio and believes there is a tremendous opportunity in Brazil due to its growing economy and under-retailed market.” This project also will include a 15-floor corporate tower, with each floor offering 10,000 square feet of GLA. The commercial tower development will enable the project to provide much needed Class A office space to the city of Belo Horizonte and enhance the retail traffic for the shopping center. ABOUT GGP AND ALIANSCE GGP maintains a 31.4% ownership interest in Aliansce, which is a publicly traded company on the Brazilian Stock Exchange under the symbol ALSC3. Aliansce went public in January of 2010 at an initial share price of R$9 and currently has a share price of R$14.11. Aliansce develops, owns and manages shopping centers in Brazil with a portfolio that includes 14 operating shopping centers and 3 active development projects. GGP currently has ownership and management interest in more than 185 regional shopping malls in 43 states and internationally. The Company's portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The Company's common stock is currently traded on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com. General Growth PropertiesDavid Keating, Vice President of Corporate Communications(312) 960-6325david.keating@ggp.com