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
Woodbury Common Premium Outlets in Central Valley, NY with Simon Property Group CEO David Simon (Simon Property Group)
Simon to add 160K sf, hotels to Woodbury Common
Simon to add 160K sf, hotels to Woodbury Common
660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield signs first tenant at 660 Fifth Avenue
Brookfield signs first tenant at 660 Fifth Avenue
Material Bank's founder and CEO Adam Sandow (Material Bank)
Design supplies marketplace Material Bank worth $1.9B after fundraise
Design supplies marketplace Material Bank worth $1.9B after fundraise
235 Park Avenue and 308 West 133rd Street (Google Maps, iStock)
Brookfield’s $90M self-storage spree leads NYC investment sales
Brookfield’s $90M self-storage spree leads NYC investment sales
(Nelligan White Architects, Emporis, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades
Brookfield eyes breaking off asset management business
Brookfield eyes breaking off asset management business
Brookfield eyes breaking off asset management business
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback
From left: Brian Gevry, chief executive officer, Boyd Watterson Asset Management; Bruce Flatt, chief executive officer, Brookfield Asset Management (Boyd Watterson Asset Management, Brookfield Asset Management, LoopNet)
Cleveland investor makes big NY entrance with $310M MetroTech buy
Cleveland investor makes big NY entrance with $310M MetroTech buy
arrow_forward_ios

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

Loading...