November 14, 2017
Brookfield Property Partners LP is making a $14.8 billion run at acquiring full control of Chicago-based GGP. The NY-based firm offered $23 per share to claim 66% stake of the U.S. mall landlord it doesn’t already own.
That equates to a 21% premium to GGP’s closing price on Nov. 6th, when discussions about the acquisition were reported by Bloomberg News. GGP’s board has formed a special committee to review the unsolicited proposal.
Brookfield Property Partners, the real estate arm of Toronto-based Brookfield Asset Management Inc., has recently focused on buying and repositioning shopping centers to gain access to land in urban markets. The deal would create one of the largest listed global property firms, encompassing $100 billion of real estate assets and annual net operating income of roughly $5 billion
Goldman Sachs Group Inc. is serving as financial adviser to GGP’s committee, and Citigroup Inc. is advising the company.
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