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Brookfield Property Partners to buy out GGP

Brookfield Property Partners LP agreed to acquire the outstanding common shares it and its affiliates do not already own in regional mall real estate investment trust GGP Inc.

Under the deal terms, GGP shareholders will be entitled to elect to receive either $23.50 in cash, or one Brookfield Property unit or one share of a new BPY U.S. REIT security, for each GGP common share they own, subject to proration based on total cash consideration of $9.25 billion.

More to follow…