Brookfield Property to Buy Remaining Stake in GGP

Brookfield Property Partners LP and GGP Inc. (NYSE: GGP) have reached an agreement for Brookfield to buy the remaining 66 percent share in the mall REIT that it doesn’t already own for approximately $9.3 billion in cash.

In morning trade, GGP shares had dropped from their previous day’s close of $21.21 to a level of $20.31.

Brookfield is the real estate arm of the Canadian-based institutional investor, Brookfield Asset Management. The deal has been endorsed by a special committee of GGP’s board.