March 19, 2018

Brookfield Property Partners offers to buy rest of mall owner GGP

13 November 2017, 11:51 | Cesar Cruz

Brookfield Infrastructure Partners LP - Receive News & Ratings Daily

GGP mall

Brookfield Asset Management has proposed to buy the mall owner GGP for $14.8 billion to expand its real estate footprint. BidaskClub downgraded shares of Brookfield Infrastructure Partners from a strong-buy rating to a buy rating in a research note on Tuesday, July 11th.

On September 18 Scotiabank made no change to the company rating of "Outperform" projecting a price of $53.00. They now have a C$45.00 price target on the stock.

Brookfield is offering $23 per share, about a 21% premium on GGP's closing price on November 6, or 0.9656 of a limited partnership unit of BPY for each share. Sources state that Brookfield had delivered on its promise of not exceeding the limit of share ownership in the firm by owning less than 45% shares. Brookfield Property Partners L.P. has a 12 month low of $20.31 and a 12 month high of $24.96. The company has a quick ratio of 0.07, a current ratio of 0.23 and a debt-to-equity ratio of 0.61. The stock has a market cap of $15,980.00, a price-to-earnings ratio of 161.00, a PEG ratio of 1.26 and a beta of 1.06.

COPYRIGHT VIOLATION WARNING: This article was originally published by BBNS and is the sole property of of BBNS. If you are accessing this story on another publication, it was copied illegally and reposted in violation of global copyright laws. The stock saw a rise in short interest from October 13, 2017 to October 31, 2017 of 13.48%. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Thursday, November 30th will be given a dividend of $0.295 per share. The ex-dividend date is Wednesday, November 29th. This represents a $1.74 annualized dividend and a yield of 4.00%. Brookfield Infrastructure Partners's dividend payout ratio is presently 669.23%.

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A number of institutional investors have recently added to or reduced their stakes in BIP.

Brookfield Property Partners LP bid about $14.8 billion to acquire the stake it doesn't already hold in USA mall owner GGP the companies seek to repurpose struggling physical shopping centers.

"This transaction will provide GGP shareholders the option to immediately realize value for their shares at a 21 per cent premium in cash and the opportunity to continue to participate in the growth of a leading, globally diversified real estate company that will be able to grow faster and create more value than either could on a stand-alone basis". The value of the investment in Brookfield Property Partners L went from $62,262,000 to $68,922,000 a change of 10.7% quarter over quarter. Public Sector Pension Investment Board controls 629,100 shares with a value of $20,030,000. Finally, Loeb Partners Corp acquired a new position in shares of Brookfield Property Partners the 3rd quarter valued at $282,000. Bollard Group LLC now owns 3,681 shares of the utilities provider's stock valued at $151,000 after buying an additional 38 shares during the last quarter.

Brookfield previously owned 29 per cent after investing in GGP in 2010 as part of a deal to rescue the company from bankruptcy protection. Court Place Advisors LLC's holdings in Brookfield Infrastructure Partners were worth $400,000 at the end of the most recent reporting period.

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