Published: Tue, November 14, 2017
Markets | By Rosalie Gross

Brookfield Property makes $14B bid for mall owner GGP

Brookfield Property makes $14B bid for mall owner GGP

Winslow Evans & Crocker Inc. now owns 10,997 shares of the utilities provider's stock worth $450,000 after buying an additional 1,423 shares during the period. If you are accessing this news story on another website, it was stolen and reposted in violation of USA & global trademark and copyright legislation.

A number of other equities analysts have also weighed in on the company. First Manhattan Co. now owns 1,383,720 shares of the financial services provider's stock valued at $32,140,000 after buying an additional 95,982 shares in the last quarter. Brookfield Infrastructure Partners LP has a 12-month low of $30.76 and a 12-month high of $44.91. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.92.

Brookfield Property Partners is betting on shopping centres at a time when malls are under pressure from online retailers, and big departments stores are overhauling their businesses.

Brookfield Asset Management has proposed to buy the mall owner GGP for $14.8 billion to expand its real estate footprint. The legal version of this report can be viewed at https://www.truebluetribune.com/2017/11/13/brookfield-property-partners-l-p-bpy-downgraded-by-canaccord-genuity.html. Can now owns 2,247,818 shares of the financial services provider's stock worth $52,999,000 after buying an additional 7,725 shares during the last quarter.

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy and communications infrastructure businesses in North and South America, Europe and Asia Pacific. BidaskClub upgraded shares of Brookfield Property Partners L.P. from a "sell" rating to a "hold" rating in a research note on Thursday, August 24th. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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Brookfield Property Partners LP offered $18.8 billion in stock and cash to fully acquire US shopping mall owner GGP Inc.in a deal announced Monday, doubling down on the future of bricks-and-mortar retail even as many merchants face increasing pressure from e-commerce.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Scotiabank lifted their price objective on Brookfield Property Partners L.P. from $25.25 to $25.50 and gave the company an "outperform" rating in a research note on Monday, November 6th. State of New Jersey Common Pension Fund D raised its stake in shares of Brookfield Property Partners L.P.by 3.8% in the 3rd quarter.

The move was not a major surprise, with reports surfacing last week by Bloomberg News that Brookfield was poised to make an offer. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.00%. Brookfield Property Partners L.P.'s dividend payout ratio (DPR) is now 513.04%.

"Brookfield's access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP's high-quality retail asset base will allow us to maximize the value of these irreplaceable assets", said Brian Kingston, Brookfield Property Partners CEO in a release announcing the bid. It is a leading owner, operator and investor in commercial real estate, with a diversified portfolio of office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets.

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