National + Retail | March 27, 2018

Brookfield, GGP Reach $9B Acquisition Agreement, Plan U.S. REIT

Brookfield Property Partners L.P. (BPY) and GGP Inc.’s Special Committee of the Board of Directors reached an agreement for Brookfield to acquire all of the outstanding shares of GGP’s common stock. GGP shareholders could receive either $23.50 in cash or shares in Brookfield or a new Brookfield U.S. REIT, based on aggregate cash consideration of $9.25 billion.

Brookfield’s offer bumps up its November cash consideration offer from $23.00 to $23.50 per GGP share. It also represents a $1.85 billion increase in the aggregate cash consideration, from $7.4 billion to $9.25 billion. The new offer increases the exchange ratio from 0.9656 to 1.0000; and will result in the creation of a new BPY U.S. REIT.

The GGP Special Committee unanimously recommended that GGP shareholders approve the transaction. The transaction is expected to close in early Q3 2018.

The combined company would have an ownership interest in roughly $90 billion in total assets and annual NOI of more than $4 billion.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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