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28

Brookfield Strikes Deal to Acquire Rest of GGP

By Tony Seruga

The combined company is set to have an ownership interest in approximately $90 billion in total assets and an annual net operating income of more than $4 billion.

Four months after Brookfield Property Partners came courting GGP Inc. and was initially spurned, Chicago-based mall owner GGP has accepted Brookfield’s offer to acquire the remaining portion it didn’t already own in a deal valued at about $15 billion.

“It was just a matter of time, they already own so much of it,” Jeff Green, a retail consultant and president & CEO of Jeff Green Partners in Phoenix, told Commercial Property Executive.

Brookfield, one of the world’s largest commercial real estate companies and the real estate arm of Toronto-based Brookfield Asset Management, is seeking to acquire the remaining 66 percent stake in GGP, the second-largest mall owner in the United States. The announcement of a definitive agreement comes after Brookfield made an unsolicited bid in November for GGP…

Brookfield Strikes Deal to Acquire Rest of GGP

Categories : Commercial Real Estate

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