Transaction|November 15, 2013
BPY acquires additional stake in General Growth Properties
Torys acted as counsel to Brookfield Property Partners with a team that included Karrin Powys-Lybbe, Mile Kurta, Raegan Kennedy, Peter Danner, Anthony Tam, Adrienne DiPaolo, Sophie Courtois and Jason Zhou.
On November 15, 2013, Brookfield Property Partners LP (BPY) closed its previously announced acquisition of additional shares and warrants of General Growth Properties Inc. (GGP) for a total consideration of US$1.4 billion.
The acquisition, announced on November 1, 2013, was funded through a US$435 million private placement of BPY units to Investment Corporation of Dubai (ICD) and other institutional investors, as well as the issuance of US$995 million of redeemable-exchangeable units in its subsidiary, Brookfield Property L.P., to Brookfield Asset Management Inc.
The acquisition will increase BPY's fully-diluted ownership interest in GGP to 32%. BPY will continue to hold its interest in a consortium alongside institutional investors who, collectively with Brookfield Property Partners, now own approximately 40% of GGP.
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.
BPY is a commercial real estate owner, operator and investor operating globally, with interests in over 300 office and retail properties encompassing approximately 250 million square feet.
Further information can be found on BPY's website and on AmLaw Daily.
The acquisition, announced on November 1, 2013, was funded through a US$435 million private placement of BPY units to Investment Corporation of Dubai (ICD) and other institutional investors, as well as the issuance of US$995 million of redeemable-exchangeable units in its subsidiary, Brookfield Property L.P., to Brookfield Asset Management Inc.
The acquisition will increase BPY's fully-diluted ownership interest in GGP to 32%. BPY will continue to hold its interest in a consortium alongside institutional investors who, collectively with Brookfield Property Partners, now own approximately 40% of GGP.
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.
BPY is a commercial real estate owner, operator and investor operating globally, with interests in over 300 office and retail properties encompassing approximately 250 million square feet.
Further information can be found on BPY's website and on AmLaw Daily.