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BROOKFIELD’S $2.6B GGP SAVE

BROOKFIELD’S $2.6B GGP SAVE
It doesn’t look like Simon Property Group will be adding Water Tower Place to its portfolio. Yesterday, General Growth Properties announced a $2.6B proposed equity commitment from Brookfield Asset Management, a restructuring that will allow GGP to emerge from Chapter 11 on a standalone basis.
 
BROOKFIELD’S $2.6B GGP SAVE

The firms reached an agreement in principle for Brookfield to invest in a proposed recapitalization of GGP at a plan value of  $15/share and provide par plus accrued interest to unsecured creditors. Under the terms, Brookfield will own approximately 30% of GGP. The REIT will distribute to its shareholders shares in GGO, a new company that will own certain non-core assets producing little or no current income but have long-term value potential. The plan is subject to definitive documentation, approval of the bankruptcy court, and higher and better offers pursuant to a bidding process to be approved by the court.


WASHINGTON DC 07.12.2017

CAPITOL RIVERFRONT AND THE YARDS

Development Pipeline and Current Projects

Deborah Ratner Salzberg
Forest City Washington
Janet Davis
Brandywine Realty Trust
Richard Ruben
Ruben Companies