CHICAGO (

TheStreet

) --

General Growth Properties

has been approached by suitors, including rival

Simon Property Group

(SPG) - Get Report

, but there have been no formal proposals yet,

Reuters

reports, citing a person close to the development.

Brookfield Asset Management

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(BAM) - Get Report

also has been in contact with General Growth, but hasn't offered any specific plan or assistance either, the source said. Brookfield told

Reuters

it has become a significant creditor of General Growth and had "held discussions about assisting the company in its reorganization and providing it with capital in that regard."

Simon Property's advisers in the last 30 days approached General Growth's advisers in what the source described as "nothing more than informal inquiry," with no direct negotiations, according to

Reuters

.

Simon Property has hired investment bank Lazard and law firm Wachtell Lipton Rosen & Krantz to help explore a possible bid for General Growth.

Separately, Simon Property announced Tuesday it would buy the outlet shopping centers owned by Prime Outlets for $700 million in cash and securities.

General Growth, as part of its reorganization, may consider converting its unsecured debt of about $7 billion into equity to deleverage, the source told

Reuters

. General Growth has the exclusive right to come up with its own reorganization plan through late February, the news agency reports.