Brookfield Buys General Growth Properties' Warrants Held by Pershing Square

Brookfield Asset Management has purchased warrants held by hedge fund manager Pershing Square Capital Management for shares in Chicago shopping mall owner General Growth Properties Inc. for US$271.9 million. Brookfield, which as part of the transaction agreed not to exceed a 45% stake in the company for four years, also offered the board of directors the ability to acquire the same warrants in the next 30 days. In 2010, Brookfield, Pershing Square and other firms made a major investment in General Growth Properties to facilitate the company's emergence from bankruptcy.

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