November 13, 2017 / 2:14 PM / a year ago

UPDATE 1-Brookfield Property offers to buy rest of mall owner GGP

(Adds details on offer price, share price, background)

Nov 13 (Reuters) - Real estate company Brookfield Property Partners LP on Monday offered to buy the 66 percent stake in mall owner GGP Inc it does not own for $14.8 billion in cash and stock.

Brookfield, a Canadian firm which holds about 34 percent in GGP through several entities, offered $23 for each GGP share, a premium of 3.6 percent to GGP's Friday close.

GGP's shares were up 6 percent at $23.65 in premarket trade.

With about 127 properties, mostly in the United States, GGP's tenants include carmaker Tesla, jeweler Tiffany & Co and retailer Macy's Inc.

The deal is expected to create a company with an ownership interest in almost $100 billion real estate assets globally and annual net operating income of about $5 billion, Brookfield said.

GGP shareholders will own about 30 percent of the combined company.

Brookfield's shares were marginally down 0.7 percent premarket.

Reporting by Sanjana Shivdas; Editing by Sriraj Kalluvila

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below