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Brookefield and GGP reach deal to form one of “world’s largest retail real estate company”

People & Companies / Latest News

Australia

Apr 15 2018

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Brookfield Property Partners will purchase the remaining 66 per cent of GGP shares that it doesn’t yet own, resulting in one of the world’s largest retail real estate companies. 

Under the agreement, GGP investors could choose either $US23.50 a share in cash or stock in either Brookfield Property or a new real estate investment trust being formed. The offer is subject to proration based on aggregate cash consideration of $US9.25 billion ($12bn).

Brookfield had previously offered $US23 a share in cash for an aggregate cash consideration of $US7.4bn.

Brian Kingston, Brookfield chief executive, said the offer went from about 50 per cent cash and 50 per cent shares to about 61 per cent cash and 39 per cent shares, with the previous offer valuing one share of GGP with 0.9656 of one of Brookfield’s. The new offer values the two shares equally.

Photo: GGP

 

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