GGP to be Acquired by Brookfield Property for $14.8 Billion

A passer-by walks past the exterior of Brookfield Place an upscale mall in Lower Manhattan at the World Financial Center in New York in this Nov. 2015

GGP to be Acquired by Brookfield Property for $14.8 Billion

Zacks Investment Research cut shares of Brookfield Infrastructure Partners LP (NYSE:BIP) (TSE:BIP.UN) from a buy rating to a hold rating in a report issued on Tuesday.

Scotiabank raised the price target of the stock on November 6 changing the price objective from $25.25 to $25.50 with a "Outperform" recommendation.

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy and communications infrastructure businesses in North and South America, Europe and Asia Pacific. (NYSE:BPY) traded up $0.36 on Monday, reaching $23.68.

GGP's share prices immediately jumped this morning on news of the offer, trading at about $23.65 in mid-morning. Brookfield Infrastructure Partners has a one year low of $30.76 and a one year high of $44.91. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.92. The stock has a market cap of $12,018.33, a PE ratio of 161.00, a price-to-earnings-growth ratio of 1.26 and a beta of 1.06. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

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Several institutional investors have recently made changes to their positions in BPY. The total value of its holdings increased 1.7%. Manufacturers Life Insurance Company, The now owns 96,050 shares worth $3,057,000. State of New Jersey Common Pension Fund D raised its stake in shares of Brookfield Property Partners 3.8% in the 3rd quarter. Jarislowsky Fraser Ltd acquired a new position in shares of Brookfield Property Partners the 3rd quarter valued at $239,000. The firm owned 73,774 shares of the utilities provider's stock after purchasing an additional 2,733 shares during the period. Public Sector Pension Investment Board now controls 1,239,819 shares worth $29,289,000. Finally, Great West Life Assurance Co.

"Brookfield's access to large-scale capital and deep operating expertise across multiple real estate sectors combined with GGP's high-quality retail asset base will allow us to maximize the value of these irreplaceable assets", said Brian Kingston, Brookfield Property Partners CEO in a release announcing the bid. Advisors Capital Management LLC grew its position in shares of Brookfield Infrastructure Partners by 2.6% during the 2nd quarter. Institutional investors own 63.24% of the company's stock.

The transaction will create, in BPY, one of the largest listed property companies in the world, with an ownership interest in nearly $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion.

Brookfield Property, which is part of Brookfield Asset Management, owns or operates office properties, retail centers and multifamily housing units.

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