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The Wall Street Journal: Brookfield to buy rest of GGP to create one of world’s largest retail real-estate companies

Brookfield Property Partners LP and GGP Inc. have reached an agreement for Brookfield to buy the remaining shares of the mall owner it doesn’t already own, a deal that would create one of the world’s largest retail real-estate companies.

The deal is a sweetened version of the offer that Brookfield made for the roughly 66% stake in November. Brookfield currently owns about 34% of the company, formerly known as General Growth Properties. GGP, -3.39%

Under the agreement announced Monday, and unanimously endorsed by a special committee of GGP’s board, GGP investors could choose either $23.50 a share in cash or stock in either Brookfield Property or a new real-estate investment trust being formed.

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