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Brookfield Buys $1.7B GGP Stake

Brookfield Asset Management will acquire a minority stake in U.S. mall owner, General Growth Properties.

Brookfield Asset Management will acquire a minority stake in U.S. mall owner, General Growth Properties (GGP), The Wall Street Journal reports. The Toronto-based firm, which will pay $1.7 billion to Fairholme Funds for the stake, will increase its stake in the Illinois-based GGP to 38% with the latest purchase.

Brookfield will pay around $804 million in cash and issue voting shares valued at about $907 million, adds Bloomberg. Florida-based Fairholme will own a 4.5% stake in Brookfieldafter the transaction is completed.

Click here for the story from The Wall Street Journal.

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