Brookfield recruiting more capital for General Growth plan bid

New York /
Mar.March 23, 2010 09:47 AM

As Simon Property Group prepares to step up its game in its bid to takeover bankrupt mall owner General Growth Properties, Brookfield Asset Management is in talks to bring two new hedge funds into its competing plan. Elliott Associates and Paulson & Co. are reportedly in talks to join Brookfield in its bankruptcy exit plan for General Growth, either as replacements for or additions to Fairholme Capital Management and Pershing Square Capital Management, which have already committed to their involvement. Luxor Capital Group and other funds may also be involved, sources told Bloomberg. “Even with Brookfield-Fairholme-Pershing’s commitment, [General Growth] management has been seeking to raise additional capital at more attractive terms,” said analyst Benjamin Yang of Keefe Bruyette & Woods, who was not surprised by reports of the latest negotiations. General Growth, which owns the South Street Seaport, rejected a $10 million buyout offer by competitor Simon Property Group last month that amounted to $9 per share, and Simon is said to be prepping another offer. As it stands, the Brookfield deal, which is pending bankruptcy court approval, would result in $15 per share for equity holders. [Bloomberg]


Related Articles

arrow_forward_ios
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Brookfield, Ravitch ink $582M deal for Waterside Plaza
Developers are finding new lives for “zombie” malls
Developers are finding new lives for “zombie” malls
Developers are finding new lives for “zombie” malls
Bruce Flatt of Brookfield Asset Management & 9 MetroTech Center (brookfield.com)
Brookfield puts MetroTech assets on the market
Brookfield puts MetroTech assets on the market
Simon Property Group CEO David Simon (Getty, Simon)
Victory! Simon says it has overcome Covid as earnings bounce back
Victory! Simon says it has overcome Covid as earnings bounce back
Brookfield Asset Management CEO Bruce Flatt (Brookfield, iStock)
Brookfield expects to make $25B from real estate portfolio
Brookfield expects to make $25B from real estate portfolio
Brookfield Reinsurance CEO Sachin Shah and Brookfield Property Partners CEO Brian Kingston (Brookfield)
Brookfield bets big on insurance as real estate investments ebb
Brookfield bets big on insurance as real estate investments ebb
CEO David Simon (Simon Property Group)
Simon Property raises full-year guidance as shoppers return to stores
Simon Property raises full-year guidance as shoppers return to stores
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...