Firm Represents Brookfield Property Partners in $1.4 Billion Investment in GGP

November 4, 2013

Brookfield Property Partners L.P. acquires additional shares and warrants of General Growth Properties, Inc., increasing its fully-diluted ownership interest in GGP to 32%.

On November 1, Willkie client Brookfield Property Partners L.P. announced that it has agreed to acquire additional shares and warrants of General Growth Properties, Inc. for total consideration of $1.4 billion. As a result of the acquisition, Brookfield will increase its fully-diluted ownership interest in GGP to 32%, assuming the exercise of all of the outstanding warrants or approximately 28% on an undiluted basis. Brookfield will continue to hold its interest in a consortium alongside institutional investors who, collectively with Brookfield, will own approximately 40% of GGP on a fully-diluted basis.

The deal will increase Brookfield’s exposure to one of the highest quality shopping center portfolios in the world. GGP is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing and redeveloping high quality retail properties throughout the United States. Headquartered in Chicago, GGP’s portfolio is comprised of 123 high-quality retail properties comprising approximately 128 million square feet.

Brookfield Property Partners is a commercial real estate owner, operator and investor operating globally with a diversified portfolio that interests in over 300 office and retail properties, 20,000 multi-family units, 64 million square feet of industrial space and an 18 million square foot office development pipeline.

Willkie previously advised on the $2.625 billion cornerstone investment by Brookfield Asset Management, Inc. in GGP and on its subsequent $1.7 billion acquisition of an additional ownership interest in GGP.

The current deal was handled by partners Gregory Astrachan and James Silk and associates Michael Brandt and Neil Keenan.