Brookfield Property submits new offer for mall owner GGP

Reuters

Commercial real estate company Brookfield Property Partners LP has submitted a new offer to take over GGP Inc, one of the largest owners and operators of U.S. shopping centers, people familiar with the matter said on Friday.

The new bid comes more than three months after a special board committee of GGP rejected a $14.8 billion cash-and-stock acquisition offer from Brookfield Property, its largest shareholder, as inadequate.

Brookfield Property’s new offer has a slightly higher cash component and offers GGP shareholders a new security that will trade as a real estate investment trust, according to the sources.. . . more