NEW YORK CITY–Brookfield Property Partners and GGP have entered into a definitive agreement for Brookfield to acquire the rest of the shares of GGP that it doesn't already own. The cash-and-stock deal totals $9.25 billion with GGP shareholders entitled to receive $23.50 in cash or stock in either Brookfield or the new REIT that will be formed when the deal closes.
Brookfield Property publicly announced an offer to acquire the remaining shares that it didn't already own of GGP in November 2017, at $23 per share or $7.4 billion. GGP rejected the offer but talks continued behind the scenes between the two companies.
“After careful consideration, assisted by our independent advisors, the Special Committee determined that Brookfield's improved proposal, which includes an increase in the cash portion of the consideration and the ability to receive shares in a newly listed REIT entity, provides GGP shareholders with certainty of value, as well as upside potential through ownership in a globally diversified real estate company,” GGP Lead Director Daniel Hurwitz said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
