Brookfield ties up GGP consortium, reports $10 bln in gains
Brookfield Asset Management has wound up a consortium that invested in General Growth Properties Inc (NYSE: GGP), a U.S. retail-focused real estate investment trust. The consortium was formed by Brookfield in 2010 to recapitalize GPP and has so far generated US$10 billion of gains to investors, the Toronto-based firm reported. Brookfield said its subsidiary Brookfield Property Partners will continue to own GPP stock and warrants, representing about 34 percent of outstanding shares. Reuters reported in February that Brookfield was exploring an acquisition of GPP. The Chicago-based business was then said to have a market value of US$24 billion.
22 August 2016•4 mins read
