The Globe and Mail reports in its Wednesday edition that Brookfield Asset Management has made an unsolicited
offer to acquire U.S. shopping-mall owner Rouse
Properties Inc. for about $657-million (all figures U.S.). A Bloomberg dispatch to The Globe says Brookfield, which already owns about a third of
Rouse, said it would pay $17 a share for the remainder
in an all-cash transaction. The offer is 26 per cent more than
Rouse's closing price on Friday. The deal values the
real estate investment trust at about $986-million.
As part of the purchase, Brookfield Property Partners
would retain the Rouse shares that it currently
owns. New York-based
Rouse was spun off in 2012 from mall owner General
Growth Properties Inc. after General Growth
emerged from bankruptcy. The Rouse spinoff contained
30 retail properties in smaller cities and second-tier properties in larger markets.
Brookfield Asset Management's Class A shares closed Tuesday at $40.41 (Canadian), up one Canadian cent on the Toronto Stock Exchange.
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