Monday, 20 November, 2017

Brookfield Property makes $14B bid for mall owner GGP

Brookfield Property makes $14B bid for mall owner GGP Brookfield Property makes $14B bid for mall owner GGP
Nellie Chapman | 13 November, 2017, 21:07

The amount of cash offered is capped at $9.4 billion, while the number of shares offered is limited to 309 million, worth roughly $9.4 billion. 349.91 million shares or 0.58% less from 351.94 million shares in 2017Q1 were reported. About 83,518 shares traded.

A total of 15 brokerages have released a report on GGP. GMP Securities reaffirmed a "hold" rating and issued a $34.50 target price on shares of Brookfield Renewable Partners L.P.in a research report on Friday, October 20th.

Brookfield Asset Management Inc., a Canada-based company dealing with the pivotal domain of asset management, is all set to acquire GGP Inc., a giant firm across the real estate investment sector, for United States dollars 14 billion. Finally, Raymond James Financial, Inc. cut their target price on Brookfield Renewable Partners L.P.to $42.00 and set a "market perform" rating on the stock in a research report on Thursday, August 17th. Accern also assigned media headlines about the company an impact score of 46.3700292717575 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the company's share price in the next few days. They presently have a $28.00 price objective on the stock.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Company's partnership is Brookfield Asset Management Inc.'s public commercial property entity and the primary vehicle through which it invests in real estate on a global basis. Its investment was worth $44,179,000 an increase of $4,380,000 according to the filing. Earlier in the third quarter of this year, Brookfield had purchased 68 million shares of GGP, which were estimated at Dollars 462 million, thereby helping the former raise its ownership stake in GGP Inc. from 29% to 34%. Karpas Strategies LLC now owns 292,195 shares of the company's stock valued at $6,823,000 after acquiring an additional 2,200 shares in the last quarter. Renaissance Technologies LLC grew its stake in Brookfield Renewable Partners L.P.by 353.8% during the 1st quarter. Wells Fargo & Company MN now owns 8,972 shares of the utilities provider's stock valued at $287,000 after buying an additional 6,350 shares during the last quarter.

Brookfield Renewable Partners L.P., formerly Brookfield Renewable Energy Partners L.P., is the owner and operator of a portfolio of assets that generate electricity from renewable resources. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases.

Brookfield previously owned 29 per cent after investing in GGP in 2010 as part of a deal to rescue the company from bankruptcy protection. Brookfield Property Partners has a 12-month low of C$20.31 and a 12-month high of C$24.96. (NYSE BEP) opened at $34.05 on Monday.

Brookfield Property Partners L.P. declared that its board has authorized a stock repurchase plan on Wednesday, August 16th that permits the company to repurchase 20,470,000 outstanding shares.

Brookfield now owns about 34 per cent of the company, which operates as a publicly-traded trust. Brookfield Renewable Partners L.P. Shareholders of record on Thursday, November 30th will be given a $0.468 dividend. This represents a $1.74 annualized dividend and a yield of 4.00%. This is an increase from Brookfield Renewable Partners L.P.'s previous quarterly dividend of $0.47. The rating was maintained by TD Securities with "Buy" on Wednesday, November 1.