Brookfield Mall REIT To Be Sold For $6.5 Billion

In a move previously floated in January, Brookfield Property Partners is set to go private or “de-REIT,” with an agreement in hand to be fully acquired by Brookfield Asset Management for $6.5 billion. Brookfield investors can opt to receive cash, shares of Brookfield Asset Management or shares in Brookfield Property. Brookfield Property Partners’ independent directors have unanimously approved the deal, per a Thursday press release. If shareholders and the Ontario Superior Court of Justice also approve, and if other customary closing conditions are met, the deal is expected to close in the third quarter. Once that closes, Simon Property Group would be the lone mall REIT that, at the moment, would benefit from tax changes being considered in Congress. Read more at Retail Dive.