(Source: Housing Wire)

Bankrupt retail real estate investment trust (REIT) General Growth Properties (GGP) will get a $2.63bn infusion in cash from Toronto-based real estate firm Brookfield Asset Management (BAM) the shopping mall developer to exit bankruptcy.

The GGP-Brookfield alliance comes just one week after Simon Property Group (SPG), a retail REIT and the largest real estate company in the US, announced its unsolicited $10bn offer for GGP. GGP rejected the Simon offer, resulting in a public back-and-forth between the two shopping mall rivals.

The deal with Brookfield will create a new company, General Growth Opportunities (GGO)…

Read Austin Kilore’s full article “Brookfield to Invest $2.63bn in General Growth in Snub to Simon Properties” in Housing Wire (February 24, 2010).

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