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Brookfield Pursuing GGP in $14.8B Bid

Brookfield Property Partners LP is making a $14.8 billion run at acquiring full control of Chicago-based GGP. The NY-based firm offered $23 per share to claim 66% stake of the U.S. mall landlord it doesn’t already own.

That equates to a 21% premium to GGP’s closing price on Nov. 6th, when discussions about the acquisition were reported by Bloomberg News. GGP’s board has formed a special committee to review the unsolicited proposal.

Brookfield Property Partners, the real estate arm of Toronto-based Brookfield Asset Management Inc., has recently focused on buying and repositioning shopping centers to gain access to land in urban markets. The deal would create one of the largest listed global property firms, encompassing $100 billion of real estate assets and annual net operating income of roughly $5 billion

Goldman Sachs Group Inc. is serving as financial adviser to GGP’s committee, and Citigroup Inc. is advising the company.

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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.

  • ◦Sale/Acquisition
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