General Growth Files to Sell Shares to Reflect Transfer
General Growth Properties Inc. (GGP) filed to sell 440.6 million shares of common stock held by Brookfield Asset Management Inc. to reflect the transfer of stock in a recent spinoff.
The offering consists of 357.7 million shares and 82.9 million shares that can be issued upon the exercise of warrants, according to a regulatory filing today. General Growth also filed to sell 73.9 million warrants held by Toronto-based Brookfield Asset.
“This is a technical filing to update the reporting of our shares and reflects the transfer of shares” from Brookfield Asset Management to Brookfield Property Partners LP (BPY-U), a spinoff, Andrew Willis, a Brookfield Asset spokesman, said in an e-mail.
The company has no plans to sell its stake in General Growth, he said.
Brookfield Asset holds 376.1 million common shares of Chicago-based General Growth, according to data compiled by Bloomberg. That’s equal to a 39 percent stake. It also owns warrants to buy additional stock.
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