Brookfield Property Partners LP’s $14.8 billion offer for the portion of mall giant GGP Inc. it doesn’t already own is a low-ball bid that threatens property values across an industry that’s struggling in the age of e-commerce.
Brookfield -- which already owns 34 percent of GGP -- offered $23 a
share, a transaction that values the landlord at $21.8 billion. That’s a
large discount to what GGP’s portfolio of high-end malls is worth, Wall
Street analysts said. Even Brookfield, as of Sept. 30, maintained that
its stake in Chicago-based GGP implied a valuation of $26.5 billion. And
on a conference call last month, Brookfield’s chief financial officer,
Bryan Davis, said the shares were worth about $30.. . . more