Brookfield Pays $1.4 Billion to Boost General Growth Stake

Brookfield Property Partners LP agreed to acquire $1.4 billion of shares and warrants in General Growth Properties Inc., boosting its stake in the No. 2 U.S. mall owner to 32 percent.

“This transaction provides Brookfield Property Partners with the opportunity to increase its exposure to one of the highest-quality shopping center portfolios in the world at an attractive valuation,” Ric Clark, chief executive officer of Brookfield Property, said today in a statement.