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Brookfield wants to buy mall-owner GGP for $14.8 billion

13 November 2017

Brookfield Property Partners is the listed real estate company of Toronto-based Brookfield Asset Management, a leading global alternative asset manager with over $265 billion in assets under management. GGP last month reached an agreement with AvalonBay Communities Inc.to build apartments at a shopping center in Seattle, and CEO Sandeep Mathrani said the company "will look to explore similar projects at other locations". Finally, Canaccord Genuity reaffirmed a "buy" rating and set a $28.00 target price on shares of Brookfield Property Partners in a research report on Friday, November 3rd. Equity analyst Brookfield Renewable Partners LP lowered the price target of the stock on August 17 changing the forecast from $0.00 to $42.00 and issued a "Market Perform" rating. The stock of GGP Inc (NYSE:GGP) earned "Outperform" rating by Credit Suisse on Thursday, August 20. They issued a neutral rating and a $44.00 price target on the stock.

The company is trading up since yesterday's close of 23.32.

Among 20 analysts covering General Growth Properties (NYSE:GGP), 11 have Buy rating, 1 Sell and 8 Hold. The company now has a consensus rating of Buy and an average price target of $48.88. Each GGP shareholder can elect to receive consideration per GGP common share of either $23.00 in cash or 0.9656 of a limited partnership unit of BPY, subject in each case to pro-ration based on a maximum cash consideration of about $7.4 billion (50% of the aggregate offer) and a maximum of approximately 309 million BPY units valued at approximately $7.4 billion (50% of the aggregate offer).

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities.

Brookfield now owns about 34 per cent of the company, which operates as a publicly-traded trust.

The transaction will create, in BPY, one of the largest listed property companies in the world, with an ownership interest in nearly $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion.

COPYRIGHT VIOLATION NOTICE: This piece of content was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece of content on another website, it was illegally stolen and reposted in violation of worldwide copyright & trademark laws. Ls Investment Advsrs Llc has invested 0% of its portfolio in Brookfield Property Partners LP (NYSE:BPY). Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. The ex-dividend date is Wednesday, November 29th. This represents a $1.74 annualized dividend and a yield of 4.00%. (GGP), other than those shares now held by BPY and its affiliates (representing about 34% of the outstanding shares). Ninepoint Partners LP purchased a new position in shares of Brookfield Property Partners L.P.in the third quarter valued at approximately $19,005,000. That's about 21 percent more than Chicago-based GGP's closing price on November 6, the day before Bloomberg News reported Brookfield had held discussions about taking the company private.

As of the end of the quarter Manufacturers Life Insurance Company, The had disposed of 34,920 shares trimming its stake by 26.7%. The Energy Opportunities Capital Management Llc holds 380,171 shares with $2.14 million value, down from 800,662 last quarter. Tocqueville Asset Management Lp holds 0% or 10,500 shares in its portfolio. Finally, Bollard Group LLC grew its position in shares of Brookfield Infrastructure Partners by 1.0% during the 2nd quarter. CIBC Asset Management Inc now owns 6,076,461 shares of the company's stock worth $141,097,000 after buying an additional 2,072,246 shares in the last quarter. Institutional investors and hedge funds own 58.38% of the company's stock.

Brookfield Property now holds approximately $68 billion in total assets. Its segments include Hydroelectric, Wind, Other and Corporate.

Brookfield wants to buy mall-owner GGP for $14.8 billion