Thursday, April 26, 2018
Brookfield Property Partners LP has reached an agreement to buy the remaining shares of General Growth Properties that it doesn’t already own for $9.25 billion in cash plus stock. The total value of the deal was put at about $15.3 billion. Brookfield currently owns about one-third of GGP, which is the second largest mall owner in the country after Simon. With an ownership interest in approximately $90 billion in total assets and annual net operating income of more than $4 billion, the combined company will be one of the world’s largest commercial real estate enterprises. The transaction is expected to close early in the third quarter of this year...The Burlington Mall will undergo a “multimillion-dollar” renovation, owner Simon Property Group Inc. announced this month. The 1.3 million s/f mall, anchored by Macy’s, Lord & Taylor, Nordstrom and Primark, will begin work on the project this summer. The redeveloped mall, which will include new shops and restaurants, will reopen in spring 2019. Sears has closed its Burlington Mall store - the renovation will include the Sears space....Bon-Ton is headed to liquidation. A joint venture composed of the holders of the company’s lien notes and Great American Group and Tiger Capital Group, made the winning bid at auction and will acquire the inventory and other assets of the chain. The company filed for Chapter 11 bankruptcy protection in February. Bon-Ton’s stores, e-commerce and mobile platforms under the Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s and Younkers nameplates will remain open throughout the store closing sales, which have already begun.