RiverTown Crossings mall in Grandville opened in 1999.
The owner of a pair of malls in the region is being acquired.
Brookfield Property Partners is acquiring all the outstanding stock of Chicago-based GGP, which owns RiverTown Crossings mall in Grandville and The Crossroads mall in Portage.
Brookfield’s deal changed from the one denied in November.
As compared to the previous offer, this plan offered a cash consideration increase from $23 to $23.50 per GGP share, resulting in a $1.85-billion increase in the aggregate cash consideration, from $7.4 billion to $9.25 billion.
The deal allows GGP shareholders to receive either $23.50 in cash or shares in Brookfield or a new Brookfield U.S. REIT security.
Daniel Hurwitz, lead director and chairman of the GGP special committee, said, “After careful consideration, assisted by our independent advisors, the Special Committee determined that Brookfield’s improved proposal, which includes an increase in the cash portion of the consideration and the ability to receive shares in a newly listed REIT entity, provides GGP shareholders with certainty of value, as well as upside potential through ownership in a globally diversified real estate company. We are pleased to have reached this agreement, which we believe is in the best interests of GGP and our shareholders.”
Brian Kingston, CEO of Brookfield Property Partners, said the introduction of the new shares will “allow GGP shareholders to efficiently participate in the transaction.”
“This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” Kingston said. “We are pleased to have reached an agreement and are excited about combining Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors with GGP’s portfolio of irreplaceable retail assets.”