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NEW YORK, Dec 4 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) became the latest investor to take a bet on General Growth Properties Inc GGP.N, taking a 5.3 percent stake in the No. 2 U.S. mall operator, according to a regulatory filing on Thursday.

Citigroup said it owns 14,245,462 shares of General Growth, which is under pressure to come up with $1.035 billion of debt payments maturing by the end of the year and another $3.07 billion maturing next year.

In a filing earlier in the week, Morgan Stanley reported it took a 5.1 percent stake in Chicago-based General Growth.

In November, hedge fund manager William Ackman's Pershing Square Capital Management took a 7.5 percent stake.

General Growth, which owns more than 200 shopping malls in 44 states, has $21.9 billion of debt maturing by the end of 2012.

Last month, General Growth confirmed it hired law firm Sidley Austin as bankruptcy counsel and said it may need to seek bankruptcy protection if it cannot meet its debt maturities this year and next.

General Growth shares traded up 7.4 percent, or 10 cents, at $1.45 3; on Thursday afternoon. The company's shares have lost 96.5 percent of their value since the start of the year. (Reporting by Ilaina Jonas; Editing by Andre Grenon)