Brookfield's bid for GGP seen undercutting true mall values: Reuters
Brookfield Property Partners LP’s latest bid to acquire the two-thirds of mall owner GGP Inc it does not already own low-balls the price of prime retail assets whose value has been obscured by e-commerce, analysts told Reuters. Brookfield’s existing 34 percent stake in GGP puts it in the driver’s seat because it only has to pay 65 cents on the dollar to match other offers, said Alex Goldfarb, a managing director at Sandler O’Neill + Partners LP. Another offer would have to replace the board and management, which Brookfield does not need to do, he said.
27 March 2018•3 mins read
