{"id":1004197404,"date":"2017-11-15T05:25:53","date_gmt":"2017-11-15T13:25:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197404"},"modified":"2022-12-08T03:15:56","modified_gmt":"2022-12-08T11:15:56","slug":"brookfield-bids-14-8b-for-ggp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-bids-14-8b-for-ggp\/","title":{"rendered":"Brookfield Bids $14.8B for GGP"},"content":{"rendered":"

By Keith Loria<\/p>\n

\"Shobi<\/a>

Shobi Khan, President & COO of GGP<\/p><\/div>\n

Brookfield Property Partners L.P. (BPY), has made a $14.8 billion proposal to purchase all the outstanding shares of common stock of GGP Inc., other than the 34 percent of shares BPY and its affiliates already own.<\/p>\n

\u201cBrookfield\u2019s access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP\u2019s high-quality retail asset base will allow us to maximize the value of these irreplaceable assets,\u201d<\/em> Brian Kingston, Brookfield Property Group\u2019s CEO, said in a prepared release. \u201cWe are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP\u2019s shopping centers, creating long-term value in a way that would not otherwise be possible.\u201d<\/em><\/p>\n

The acquisition of the 66 percent of remaining shares will be purchased for $23 per share or 0.9656 of a limited partnership unit of BPY. The proposal represents a premium of 21 percent to the unaffected closing share price of GGP\u2019s common stock of $19.01 as of Nov. 6.<\/p>\n

When finalized, the deal will create one of the largest listed property companies in the world, with an ownership interest in almost $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion.<\/p>\n

\u201cThis transaction will provide GGP shareholders the option to immediately realize value for their shares at a 21 percent premium in cash and the opportunity to continue to participate in the growth of a leading, globally diversified real estate company that will be able to grow faster and create more value than either could on a stand-alone basis,\u201d<\/em> Kingston said.<\/p>\n

Pending approval<\/h2>\n

BPY presented its proposal to GGP\u2019s board of directors on Nov. 11, and is subject to the negotiation and execution of definitive transaction documents and customary approvals, including, approval of a majority of the company\u2019s stockholders not affiliated with BPY.<\/p>\n

Brookfield Property Partners is one of the world\u2019s largest commercial real estate companies, with approximately $68 billion in total assets. The combined company will be one of the highest quality and most diverse real estate portfolios globally, with a strong balance sheet and financial profile.<\/p>\n

This summer, Brookfield Property Partners saw Business Insider sign a 10-year lease for 88,000 square feet at 1 Liberty Plaza, a 2.3 million-square-foot Class A office building, the company owns.<\/p>\n

GGP had recently promoted Shobi Khan to the titles of president & COO<\/a>.<\/p>\n

Image courtesy of GGP<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed deal would net shareholders $23 per share and BPY units. The official proposal was submitted to the board of directors on Nov. 11. <\/p>\n","protected":false},"author":451,"featured_media":1004197497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21749],"tags":[33091],"class_list":["post-1004197404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-retail","tag-brookfield-property-partners"],"acf":[],"yoast_head":"\nBrookfield Bids $14.8B for GGP - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-bids-14-8b-for-ggp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield Bids $14.8B for GGP\" \/>\n<meta property=\"og:description\" content=\"The proposed deal would net shareholders $23 per share and BPY units. 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