Firm Advises Brookfield Asset Management in Acquisition of GGP Warrants From Pershing Square and Other Transactions

January 4, 2013

The warrants represent the right to acquire 18,432,855 shares of GGP common stock, valued at $271,884,611.

On January 3, it was announced that Willkie client Brookfield Asset Management Inc. has informed General Growth Properties, Inc. that affiliates of Brookfield acquired the GGP warrants held by affiliates of Pershing Square Capital Management, L.P. The warrants represent the right to acquire 18,432,855 shares of GGP common stock, par value $0.01 per share. Brookfield has offered the board of directors the ability to acquire (over a 30-day period) the same warrants for the same purchase price of $271,884,611 paid by Brookfield.

Brookfield is a global alternative asset manager with over $150 billion in assets under management. Based in Chicago, GGP is a fully integrated, self-managed and self-administered real estate investment trust (REIT) focused exclusively on owning, managing, leasing, and redeveloping high-quality regional malls throughout the United States and Brazil. GGP's portfolio is comprised of 126 regional malls in the United States and 18 malls in Brazil. Willkie previously advised on the Brookfield-led consortium $6.5 billion acquisition of a major equity stake in GGP and on Brookfield’s subsequent $1.7 billion acquisition of an additional interest in GGP.

The current deal was handled by partners Gregory Astrachan and Henry Cohn and associates Michael Brandt, Christopher Gabriel and Meredith Levy.