Brookfield Property Partners’ $15 billion takeover of GGP—one of the country’s biggest mall REITs—was completed on Aug. 28. The deal hoists Brookfield to become the second-largest U.S. mall owner behind Simon Property Group.
The move to acquire GGP at a time when physical retail is plagued with retail closings and bankruptcies shows Brookfield has confidence in brick-and-mortar retail. And the company isn’t wasting any time in overhauling GGP’s 125-property mall portfolio. It’s bringing in equity partners in many of the malls it acquired with different goals depending on how well each asset is performing, reports the Wall Street Journal.. . . more