Brookfield boosts stake in mall firm
BROOKFIELD Property Partners has agreed to acquire $1.4bn (€950m) of shares and warrants in General Growth Properties, boosting its stake in the number two US mall owner to 32 per cent.
"This transaction provides Brookfield Property Partners with the opportunity to increase its exposure to one of the highest quality shopping centre portfolios in the world at an attractive valuation," Ric Clark, chief executive officer of Brookfield Property Group, said in a statement.
The acquisition will be funded partly through the issuance of $435m of equity in Brookfield Property Partners to the Investment Corporation of Dubai and other institutional investors, New York-based Brookfield Property Partners said.
The company will also issue $995m of equity in a subsidiary of Brookfield Property Partners to Brookfield Asset Management.
As part of the deal, Brookfield will also boost to about 39 per cent its ownership stake in Rouse Properties, a retail landlord spun off from General Growth. (Bloomberg)