GGP Inc. set the deadline for its common stockholders to make their elections with respect to the regional mall landlord's proposed buyout by commercial real estate company Brookfield Property Partners LP.

Under the terms of the deal announced in March, GGP shareholders have the option to receive $23.50 per share 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.

GGP said its stockholders must return properly completed election forms by no later than 5:00 p.m. ET on Aug. 21 for their elections to be valid.

The deal, which was recently approved by GGP stockholders, is expected to close by the end of August.