The buyout talks between Brookfield Property Partners LP (NASDAQ:BPY) and GGP Inc (NYSE:GGP) are still active. The two are discussing how Brookfield Property Partners LP will take over a stake of mall owner GGP Inc. even though the Chicago-based GGP does not still own it.<\/p>\n
A reliable source reveals that the talks are private but it has been established that GGP had previously rejected Brookfield\u2019s original offer of $14.8 billion.<\/p>\n
Last month Brookfield Property Partners, a real estate unit of Toronto-based Brookfield Asset offered $23 a share for the 66 percent of GGP it does not own.<\/p>\n
It is not clear whether or not GGP will accept this offer. However, according to the chief executive officer of Brookfield Asset Management Inc, Bruce Flatt it is fair.<\/p>\n
The deal would form one of the biggest publicly traded real estate companies in the world<\/strong><\/p>\n Brookfield Asset has been concentrating on buying and revamping shopping centers. On the other hand, GGP\u2019s mission has been to repurpose struggling brick-and-mortar shopping centers.<\/p>\n Nonetheless, the duo\u2019s deal is likely to attract global attention given that it will form one of the biggest publicly traded real estate companies. Flatt says that there will be many stories before the deal can be sealed.<\/p>\n In an interview on Monday, Flatt said, “These are long, long processes. We’ll see where we go.” Nonetheless, Kevin Berry, a spokesman for GGP has not made any comments regarding the deal.<\/p>\n Will GGP bow to pressure by Brookfield Property Partners LP?<\/strong><\/p>\n Brookfield is optimistic that GGP will accept the takeover. However, it remains unknown what GGP will do next. In the meantime, the company says it has formed a special committee, which is expected to review the uncalled-for proposal from Brookfield.<\/p>\n Meanwhile, business is not good for many companies. For example, the shares of mall companies are on the receiving end after being hit hard by the rise of e-commerce retailers.<\/p>\n Simon Property Group Inc. NYSE: SPG, for example, which is one of the biggest U.S mall owner has unbelievably fallen 8.7 percent. Store closures is the order of the day and this is likely to continue.<\/p>\n","protected":false},"excerpt":{"rendered":" The buyout talks between Brookfield Property Partners LP (NASDAQ:BPY) and GGP Inc (NYSE:GGP) are still active. The two are discussing how Brookfield Property Partners LP […]<\/p>\n","protected":false},"author":32,"featured_media":40514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[12958,12957,12961,12960,12959,12962],"stock_ticker":[],"class_list":["post-40513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-brookfield-property-partners-lp","tag-brookfield-property-partners-lp-nasdaqbpy","tag-ggp-inc","tag-ggp-inc-nyseggp","tag-nasdaqbpy","tag-nyseggp","entry"],"acf":[],"yoast_head":"\n