CHICAGO—GGP Inc. on Monday confirmed that it had received an unsolicited bid from Brookfield Property Partners (BPY) to acquire the outstanding shares of the mall REIT that it doesn't already own. At $23 per share, the deal would be valued at approximately $14.8 billion.
GGP's board has formed a special committee to review BPY's proposal, with Goldman Sachs serving as financial advisor and Simpson Thacher & Bartlett LLP serving as legal counsel to the special committee. Citigroup Global Markets Inc. is serving as GGP's financial advisor, and Sullivan & Cromwell LLP is serving as its legal counsel.
For its part, BPY says the acquisition of GGP would create one of the world's largest listed property companies. The combined company would have an ownership interest in almost $100 billion of real estate assets globally and annual NOI of approximately $5 billion.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
