At the close of yesterday's wild market when the Dow soared over 700 points, Brookfield announced that it had come to an agreement to acquire GGP for $23.50 per share. Many analysts are disappointed with the price, indicating that it's a low-ball offer based on the quality of the malls and their high occupancy levels.
GGP has been on a rocky road since the Great Recession of 2008 and its subsequent bankruptcy. More recently, it's been pummeled by online retailing.
We have talked a lot about commerce and the scourge of the Internet that's turned the retail business upside down. Alas, we are over-malled in the US and GGP is likely to be the first of many shopping center and mall owners that are dismantled as fewer mega players drive the restructuring and pruning of the sector.
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CAREER OPTIONS – RECRUITING SOLUTIONS
Director of Marketing for Multifamily “Owner/Managed” Property Management Company
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Development Analyst/Associate
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FORE PROPERTY COMPANY
Development Director
(SOUTHERN CALIFORNIA, CA) Development Director will participate in all aspects of development including site selection, due diligence exploration, financial analysis, budgeting, contract negotiation, development consultant management, site acquisition, investment package creation, coordination of the permitting process, execution of the construction documents, and general contractor management.
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Anthony J. LoPinto
Tony LoPinto is the Global Sector Leader of Korn Ferry’s Real Estate Practice and founder of SelectLeaders. For the past 18 years LoPinto has been serving his clients with deep knowledge and perspective on talent needs and organizational challenges to public and private companies – knowledge gained from a 25-year career in real estate. Prior to his current position, he founded and served as chief executive officer of a boutique real estate executive search firm, where he oversaw offices in New York, Chicago, Washington, DC, San Francisco and Los Angeles. He has successfully led several high profile search engagements for chief executive officers, directors and a wide-range of executive level positions across all industries and sectors. He earned a Bachelor of Arts degree in European history from Loyola University in Chicago.
