National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


National  + Retail  | 

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.”

Subscribe to Connect Daily National

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Read more at Globe NewswireConnect With BPY's Kingston

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).