Brookfield Property Partners LP and GGP Inc. have reached an agreement for Brookfield to buy the remaining shares of the mall owner it doesn’t already own, a deal that would create one of the world’s largest retail real-estate companies, the Wall Street Journal reported. The deal is a sweetened version of the offer that Brookfield made for the roughly 66 percent stake in November. Brookfield currently owns about 34 percent of the company, formerly known as General Growth Properties. Under the agreement announced Monday, and unanimously endorsed by a special committee of GGP’s board, GGP investors could choose either $23.50 a share in cash or stock in either Brookfield Property or a new real-estate investment trust being formed. The offer is subject to proration based on aggregate cash consideration of $9.25 billion. The Brookfield deal marks the latest chapter in the saga of GGP, which went through a high-profile bankruptcy reorganization after the 2008 financial crash. It comes as the retail real-estate world is being rocked by investor unease caused by the growth of online shopping.
