GGP: Relisting

This was bound to happen, GGP relisting on a major exchange.

General Growth Properties Inc., which last year filed the largest U.S. real estate bankruptcy case in history, said Tuesday that it applied to relist its shares on the New York Stock Exchange.

General Growth said its shares will start trading on the NYSE on Friday under the ticker symbol “GGP.” General Growth shares currently trade over the counter.

The big news for shareholders is many investment funds are not allowed to purchase shares of companies not trading on the major exchanges. So even if fund managers think the GGP shares at $13 are cheap, they would not be able to buy the shares while it trades on over the counter. With the move to a major exchange, NYSE, we should see an uptick on the demand for shares.

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