General Growth Properties, Inc. Partners with German Developer to Build a Shopping Center Platform In Turkey.

CHICAGO -- General Growth Properties, Inc. (NYSE:GGP), the country's second largest owner and developer of regional shopping centers, announced today an agreement to enter into a joint venture with Hamburg-based ECE Projektmanagement G.m.b.H. & Co. KG, Europe's leading developer of urban shopping centers. Under the terms of the joint venture, the two developers have formed CURA GGP Gayrimenkul Gelistrime A.S. to invest in shopping center development and acquisitions of existing shopping centers in Turkey on a 50/50 basis, and will begin construction of their first joint project in March 2006. General Growth also has acquired from ECE 48 percent of ECE Turkiye Proje Yonetimi A.S., the leading manager of shopping centers in Turkey with currently six properties under management. Closing of the joint venture is expected shortly.

"Turkey's geographic location at the junction of Europe and Asia, its size and population growth, as well as recent economic development have created tremendous opportunities for investment," said John Bucksbaum, chief executive officer of General Growth Properties. "This is a great opportunity to collaborate and invest with such an experienced development and management company as ECE."

The developers' first joint project is in Eskisehir, Turkey, one of the most prosperous cities in Turkey with more than 700,000 residents. Construction on the 430,000 square foot (40,000 square meters) ESPARK retail and entertainment center will begin in March of 2006 and will open in the fall of 2007. ESPARK will feature more than 150 shops and a multiplex cinema.

"With our five years of experience in Turkey, we are extremely confident with the retail and shopping center prospects in the country," said Alexander Otto, chief executive officer of ECE Projektmanagement G.m.b.H & Co. KG. "We see great potential for attractive developments and acquisitions of shopping centers in a number of Turkish cities. GGP's reputation as one of the most successful REITs in the U.S. is a considerable contribution to the success of our Turkish shopping center venture."

General Growth Properties announced in 2004 two separate international joint ventures. In a 50/50 joint venture with Nacional Iguatemi Group in Brazil, General Growth maintains an ownership interest in three existing shopping centers and one shopping center under development. It also holds an ownership interest in a management company that manages its properties as well as six shopping centers not owned by the venture. In a joint venture with Grupo Sambil of Venezuela and Genesis Fund of Costa Rica, General Growth is pursuing development of a 500,000 square foot shopping mall in San Jose, Costa Rica.

ABOUT ECE PROJEKTMANAGEMENT

ECE Projektmanagement is the European market leader for inner city shopping centers. Altogether, the ECE group manages 83 shopping centers in Germany, Turkey, Poland, Hungary, Czech Republic, Greece and Qatar on a total sales surface of 2.4 million square meters (25 million square feet). More than 8,100 tenants generate yearly turnover of approximately 10 billion euros. Furthermore, ECE has realized 40 office and special real estate projects. Another 15 shopping galleries and 10 special real estate projects are currently being constructed or planned.

ABOUT GENERAL GROWTH PROPERTIES

General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has an ownership interest in or management responsibility for a portfolio of more than 200 shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company Web site at http://www.generalgrowth.com.