Some experts foresee a bidding war breaking out on the heels of the Brookfield Property Partners deal to acquire the remaining 66% of GGP for $9.25B in cash.

The deal has sparked controversy and caused many to question whether or not it will lead to the undervaluing of Class-A malls. GGP rejected an earlier offer from Brookfield because it was deemed too low, but according to Brookfield, the new offer increases the cash consideration from $7.4B to $9.25B.

Bullish real estate investor and Seeking Alpha contributor Julian Lin said this controversy could lead GGP rival Simon Property Group to put in a bid.

The theory behind this is the assumption that Simon Property, led by CEO David Simon, will offer to buy GGP for between $26 and $28 a share instead of the current $23.50/a share to prove that prime malls are still valuable.

This would not be the first time a REIT bidding war of this kind broke out. In 2006, Blackstone and Vornado went head to head for Equity Office Properties. After several months of back-and-forth maneuvers, Blackstone came out on top with a $23B all cash bid, or $55.50 per share. Vornado ended up withdrawing its $56 per share cash and stock proposal, citing its shareholders' interests as the reason for pulling out, Reuters reports.