There is no question that there is a game of musical chairs going on now in the Mall REIT sector.
Just over a month ago, Brookfield Property Partners (NYSE:BPY) announced it had reached a deal to acquire General Growth Properties (GGP) for $9.25 billion (after GGP had rejected a previous offer of $7.4 billion in 2017).
Also, last December Unibail-Rodamco (OTCPK:UNRDY) agreed to buy Australia's Westfield Corp. for nearly $16 billion, and according to CNBC’s Lauren Thomas “the mega mall merger put more weight on GGP to hook up with Brookfield.”
According to Thomas, “with the new proposal, GGP shareholders can choose to receive either $23.50 a share in cash, one Brookfield unit or shares of a new company.” Brookfield plans to create a new real estate investment trust under the ticker "BPR," which will qualify as a REIT for tax purposes and issue shares in this transaction.
