Transactions - MARCH 27, 2018

Brookfield Property Partners to buy remaining stake in GGP, forms REIT

by Andrea Zander

Brookfield Property Partners announced Monday it finally reached a deal to buy mall operator General Growth Properties for $9.25 billion in cash.

Brookfield already owns 34 percent of GGP.

In addition, Brookfield plans to create a new REIT, BPY U.S. REIT, under the ticker “BPR.”

Upon approval of the acquisition by GGP shareholders, the combined Brookfield and GGP companies will have $90 billion in total assets and net operating income of more than $4 billion.

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