From left Ric Clark Sandeep Mathrani and 685 Fifth Avenue
Commercial real estate company Brookfield Property Partners LP (BPY.O) said on Monday it would acquire the 66 percent of GGP Inc (GGP.N) that it does not already own in a cash-and-stock deal that values GGP, one of the largest owners and operators of Us shopping centres, at about $15.3 billion.
Based on Brookfield's estimate of 61 per cent cash and 39 per cent in equity, the acquisition is valued at about $15 billion. GGP is up 8.1% after hours.
GGP shareholders will receive a second quarter dividend of up to $0.22 per share.
It's expected to be immediately accretive to FFO/unit for BPY unitholders. The total amount payable would be just under $9.3 billion of cash, and 254 million units of Brookfield Property stock. We see here that Brookfield Property Partners L.P. (NYSE:BPY) is -5.59% away from the 20-Day Simple Moving Average. In fact, after the transaction is completed, GGP shareholders will own almost 26% of the new REIT.
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Brookfield will also create a new real-estate investment trust that mirrors its stock but is treated differently for tax purposes. Brookfield injected $2.6 billion into GGP, allowing it to exit bankruptcy protection in November 2010, pay back its creditors and make a substantial rebound. The newly formed entity will become one of the largest commercial real estate enterprises in the world with assets worth almost $90 million and annual net operating income of more than $4 billion.
Brookfield Property Partners stock opened at $19.14 on Monday. It is a leading owner, operator and investor in commercial real estate, with a diversified portfolio of office and retail assets, as well as interests in multi-family, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets.
Moreover, the deal is subject to other customary closing conditions and it anticipated to close in third-quarter 2018. The legal version of this piece can be read at https://stocknewstimes.com/2018/03/26/amundi-pioneer-asset-management-inc-purchases-new-position-in-brookfield-property-partners-bpy.html.
Following completion of the transaction, GGP shareholders will own approximately 26% of the combined company, calculated based on all BPR shares having been exchanged for BPY units and pro forma for the proposed BAM preferred share conversion.
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