The firm offered $23 a share for the 66 per cent of GGP it doesn’t own, Brookfield said in a statement on Monday. New York—Brookfield Property Partners LP bid about $14.8 billion (U.S) to acquire the stake it doesn’t already hold in U.S. mall owner GGP Inc. as the companies seek to repurpose struggling bricks-and-mortar shopping centres. The transaction would create one of the largest listed property companies in the world, with stakes in almost $100 billion of real estate globally and annual net operating income of about $5 billion, Brookfield said. The combined company would be about 30 per cent owned by existing GGP shareholders, Brookfield Property said. Brookfield Property presented its proposal to GGP’s board on Friday.

Source: thestar November 13, 2017 17:48 UTC