Brookfield recruiting more capital for General Growth plan bid

TRD 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
From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner

Brookfield CEO Brian Kingston and Garden State Plaza in New Jersey (Credit: Brookfield, Westfield Garden State)

Analysts still baffled by Brookfield’s big bet on malls

From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

Simon Property Group World Headquarters in Indianapolis (Credit: iStock)

REITs are embracing risk

From left: Simon Property Group David Simon, Forever 21 CEO Do Won Chang, and Brookfield CEO Bruce Flatt (Credit: Getty Images)

Forever 21 is in trouble. So some executives asked its landlords to pitch in, report says

CalSTRS will acquire Fairfield Residential and its nationwide portfolio

CalSTRS will acquire Fairfield Residential and its nationwide portfolio

VTS co-founder Nick Romito (Credit: iStock)

VTS raises $90M to join the ranks of unicorns

Simon Property launches online platform to drive sales at outlet stores

Simon Property launches online platform to drive sales at outlet stores

arrow_forward_ios
Loading...