FEELING THE PINCH: Brookfield Property’s efforts to buy GGP have come as at a time when US mall owners are struggling as a result of are struggling as many retailers lose out to e-commerce firms such as Amazon. Picture: BLOOMBERG/ALEX ATACK
FEELING THE PINCH: Brookfield Property’s efforts to buy GGP have come as at a time when US mall owners are struggling as a result of are struggling as many retailers lose out to e-commerce firms such as Amazon. Picture: BLOOMBERG/ALEX ATACK

GGP Inc, one of the largest owners and operators of US shopping centres, has rejected a US$14.8bn buyout offer from its biggest shareholder, Brookfield Property Partners, according to people familiar with the matter.

Brookfield Property last month made a $23/share cash and stock offer for the 66% of GGP it does not already own. Brookfield is considering a new offer after a special committee formed by GGP’s board turned down the November 11 offer as inadequate. Negotiations between the two companies are expected to continue.  — Reuters

Abu Dhabi Financial Group in $200m listing

Abu Dhabi Financial Group (ADFG), a privately owned investment company that has $6.5bn of assets under management, expects to raise $200m from the listing of Etihad Reit next year, according to ADFG CEO Jassim Al Seddiqi. Etihad Reit, a Sharia-compliant real estate investment trust, will be listed in either Abu Dhabi or Dubai, Al Seddiqi said at a conference in Abu Dhabi. — Reuters

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