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August 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Brookfield Property Partners to acquire company behind SoNo Collection for $9.25B

Brookfield Property Partners LP has announced it is acquiring all outstanding shares of common stock of GGP Inc., the real estate investment trust whose projects include the SoNo Collection mall under construction in Norwalk.

A rendering of the SoNo Collection mall.

Brookfield Property Partners initially announced an offer to acquire the remaining GGP shares in November for $7.4 billion. Brookfield, which currently owns approximately 34 percent of GGP stock, will pay $9.25 billion for the remaining GGP shares in this newly announced acquisition. Brookfield is the real estate unit of Toronto-based Brookfield Asset Management Inc.

Under the terms of the deal, GGP shareholders will receive $23.50 in cash or stock in either Brookfield or a new REIT that will be formed at the conclusion of the transaction. In addition to the SoNo Collection, which is scheduled to open in October 2019, GGP owns 125 high-end retail properties, including the Staten Island Mall and the Woodbridge Center in Woodbridge Township, New Jersey.