Brookfield to redevelop GGP malls

Brookfield Property Partners has plans to revitalize the 125-property portfolio it acquired in a $15 billion takeover of GGP, according to The Wall Street Journal.

The company plans to reposition assets, including expanding high-performing and urban locations and incorporating office space and hotels in lower-performing properties.

Brookfield has been selling stakes into the GGP properties, and has already sold around $4 billion in stakes in some GGP properties to partners. It could sell an additional $2 billion more over the next couple of years to help fund development on sites it considers underutilized.