Brookfield’s GGP Takeover is Now a Done Deal
The Brookfield Property Partners (BPY) takeover of GGP is now final. Valued at $15 billion, it’s the third largest REIT deal on record, behind Unibail-Rodamco’s $16-billion acquisition of another shopping center owner, Westfield, and Blackstone’s $20-billion buy of Equity Office Properties.
In connection with the closing, Brookfield Property REIT Inc. has been created as a public security that is intended to offer economic equivalence to an investment in BPY in the form of a U.S. REIT stock. BPR stock began trading Tuesday on NASDAQ, as GGP was delisted from the New York Stock Exchange.
The GGP transaction—a big-ticket buy in a sector many investors are currently shunning—makes Brookfield this year’s top dealmaker, Bloomberg reported. “We look for places where people are running away from,” BPY’s Brian Kingston told Bloomberg. “Ultimately, we’re value investors. So that means many times it leads you to being contrarian.”
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