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Brookfield Readies Bid and Other Developments on the Simon/GGP Front


David Stejkowski has a nice rundown of some of the new developments in the ever-evolving General Growth saga. But more has happened even since he penned that piece. Most importantly, the Wall Street Journal is reporting that Brookfield Asset Management, which has loomed large in the background for the past week, is now readying a bid to take an ownership stake in General Growth.

A lot of people predicted something like this might come to pass. Such a bid would give Brookfield a foothold in the U.S. retail real estate market while allowing General Growth to remain a standalone entity. This would be the fate that it is widely believed General Growth chairman John Bucksbaum would prefer. In a related item, a piece in Crain's Chicago Business runs down the motivations of some of the key players in the unfolding bidding war and also makes that assertion.

David's post had a couple of other good links as well. In other analysis, Seeking Alpha has worked up an operating pro-forma of what a merged Simon and General Growth might look like.

Meanwhile, there is now a shareholder lawsuit brewing over General Growth's rejection of Simon's initial bid.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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