NREI Online
Earlier this week, mall REIT GGP Inc. finally agreed
to a $9 billion cash buyout offer from Brookfield Property Partners,
ending years of negotiations for the takeover of one of America’s
largest mall REIT companies. The terms disappointed industry observers,
who believe the deal closes out the era of big appetites for mall
portfolios, and the willingness to pay premium prices for such assets.
Some industry observers quickly noted that the price carries negative
implications for the mall sector. GGP’s portfolio contains plenty of
class-A assets and the company owns such premiere properties as the Ala
Moana Center in Honolulu, Hawaii and One Union Square in San Francisco.. . . more
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