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Brookfield Plans to Go Private in $5.9 Billion Deal

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Brookfield Asset Management has proposed to take its mall operator arm private in a deal valued at $5.9 billion. The company plans to offer $16.50 per share to buy out stakes that it doesn’t already own in Brookfield Property Partners LP and Brookfield Property REIT. The board of directors of Brookfield Property Partners has formed a committee of independent directors to review the proposal.

The acquiring company, Brookfield Asset Management, teamed up with Simon Property Group to acquire two distressed retailers this past year:

  • JCPenney finalized its acquisition by the mall operators in December 2020 following its exit from bankruptcy; and
  • Forever 21’s sale to Simon, Brookfield and Authentic Brands Group was approved by a U.S. Bankruptcy Court judge in February 2020.

Mall operators have been moving into retail ownership positions and away from their roles as landlords, particularly as COVID shrank foot traffic at physical shopping centers. Simon Property Group, in association with Authentic Brands Group, bought Lucky Brand in July 2020 and Brooks Brothers the following month.

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