Macerich has raised approximately $1.23 billion in equity -- the largest secondary offering by a REIT -- and is said to be considering using some of its $2.2 billion war chest for a bid for some assets of General Growth Properties. "To the extent that there are spin-offs of General Growth we wanted to be in a position where we had the capital to participate in some of the spin-offs if it were to happen," Macerich CEO Arthur Coppola says. "We certainly have no aspirations to make a bid on the entire company."

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