February 25, 2010
Firm Represents Brookfield in Proposed $2.6 Billion Investment in GGP
, Paul V. Shalhoub
, Gregory B. Astrachan
, Eugene A. Pinover
, Thomas J. Henry
, Henry M. Cohn
, Tariq Mundiya
, William H. Rooney
On February 24, General Growth Properties, Inc. announced a proposed $2.625 billion equity investment from Willkie client Brookfield Asset Management Inc., one of the world's largest real estate investors and asset managers. The agreement calls for Brookfield to invest in a proposed recapitalization of GGP at a plan value of $15.00 per share and provide par plus accrued interest to unsecured creditors. The plan is subject to definitive documentation, approval of the Bankruptcy Court and higher and better offers pursuant to a bidding process to be approved by the Bankruptcy Court. Brookfield’s proposed investment follows last week’s offer from rival shopping mall giant Simon Properties Group Inc. to acquire GGP for $10 billion.
Willkie’s role as counsel to Brookfield has been widely reported in the press, including The Wall Street Journal. GGP currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. Brookfield, focused on property, renewable power and infrastructure assets, has over $100 billion of assets under management.
The multidisciplinary Willkie team handling the matter includes Bankruptcy/Restructuring: partners Marc Abrams and Paul Shalhoub, and associate Andrew Sorkin; Corporate: partner Gregory Astrachan and associates Thomas Mark, Michael Brandt, Christopher Freeland, Ann Harrington and Steven Poliner; Real Estate: partners Eugene Pinover and Thomas Henry, and associate Steven Rosenzweig; Tax: partner Henry Cohn; Litigation: partner Tariq Mundiya; and Antitrust: William Rooney.