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After months of rumors, a special committee of mall REIT Rouse Properties' board of directors accepted Brookfield Asset Management’s all-cash $2.8B takeover bid.
Led by CEO, and Bisnow's January Player Of The Month recipient, Bruce Flatt, Brookfield’s buyout comes out to $18.25/share, up from its original $17/share proposal.
After accounting for Rouse’s $1.64B in debt, the deal comes out valued at $1.06B and is planned for completion in Q3, pending shareholder approval, The Real Deal reports.
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The buyout comes as part of Brookfield's bid to match Blackstone on the private equity front. The Canadian asset manager has around $225B in assets, and hasn't been shy about using it recently.
Rouse Properties spun off from General Growth Properties, the giant retail REIT, back in 2012, and owns a portfolio of 35 malls across the US. [TRD]
