Published: Tue, November 14, 2017
Economy | By Shawn Conner

Brookfield wants to buy mall-owner GGP for $14.8 billion

Brookfield wants to buy mall-owner GGP for $14.8 billion

Brookfield Property Partners is betting on shopping centres at a time when malls are under pressure from online retailers, and big departments stores are overhauling their businesses. On November 3 Canaccord Genuity maintained a company rating of "Buy" with a current price target of $28.00. 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%. TD Securities raised the price target on September 18 changing the forecast from $0.00 to $57.00 with a "Buy" recommendation. Credit Suisse Group initiated coverage on Brookfield Infrastructure Partners in a report on Monday, September 18th. They issued an "outperform" rating and a $48.00 price objective on the stock.

October 2 investment analysts at Canaccord Genuity made no change to the stock rating of "Buy" targeting a price of $28.00. The stock now has an average rating of "Buy" and an average price target of $48.88.

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A potential deal is expected to create a company with an ownership interest in nearly $100 billion real estate assets globally and annual net operating income of about $5 billion, Brookfield said.

TRADEMARK VIOLATION WARNING: This piece was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. Brookfield Infrastructure Partners makes up about 2.9% of Lucas Capital Management's holdings, making the stock its 9th biggest position. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of United States & global trademark and copyright law. The former purchased surplus warrants from GGP in 2013 and had signed on an agreement to not raise its stake above 45% over the coming four years. Brookfield Infrastructure Partners earned a news impact score of 0.13 on Accern's scale. Winslow Evans & Crocker Inc. grew its position in shares of Brookfield Infrastructure Partners by 14.9% during the 2nd quarter.

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"This transaction will provide GGP shareholders the option to immediately realize value for their shares at a 21% 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", Kingston said. 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 owns 1,239,819 shares worth $29,289,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company.

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Brookfield Infrastructure Partners declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 7th that allows the company to buyback 13,820,000 outstanding shares. Its segments include Hydroelectric, Wind, Other and Corporate. The utilities segment consists of regulated businesses, including regulated distribution (electricity and natural gas connections), electricity transmission and a regulated terminal (coal export terminal).

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