Newspaper article St Louis Post-Dispatch (MO)

Brookfield Property Partners Offers to Buy Rest of Mall Owner GGP

Newspaper article St Louis Post-Dispatch (MO)

Brookfield Property Partners Offers to Buy Rest of Mall Owner GGP

Article excerpt

Plaza Frontenac and St. Louis Galleria could be getting a new owner.

Brookfield Property Partners has offered $14 billion to buy the remaining shares of mall owner GGP Inc. that it doesn't already own.

The offer values GGP owner of more than 125 retail properties, including the two St. Louis County malls at about $21.6 billion.

The offer from Brookfield Property Partners LP would give each GGP shareholder $23 in cash per share, or 0.9656 of a limited partnership unit of Brookfield, GGP said Monday.

Brookfield Property Partners is the real estate unit of Toronto-based Brookfield Asset Management Inc.

In the third quarter, Brookfield Property exercised all of its outstanding warrants in GGP, bringing its ownership stake to 34 percent from 29 percent, the company said in a statement this month. …

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