GGP Rejects $14.8B Brookfield Deal

One of the largest U.S. shopping mall operators, GGP (Chicago), has rejected a $14.8 billion buyout offer from Brookfield Property Partners LP (Hamilton, Bermuda), Reuters reports.

As it stands, Brookfield Property already owns a 34 percent share of GGP. The proposed deal was to include a $23-per-share cash and stock offer to acquire the remaining portion of the company. Brookfield Property intended to transform GGP’s shopping centers in an era of growing e-commerce competition.

If the deal went through, the merger would create a company with an ownership interest of nearly $100 billion in real estate assets and would boost Brookfield Property to an annual net operating income of roughly $5 billion. Negotiations are expected to be ongoing.