Firm offers to buy out owner of a SC shopping mall

Ivan Schwartz
November 14, 2017

Investors are a little more bearish on shares of Brookfield Property Partners L lately as shown by the uptick in short interest.

After Brookfield confirmed the bid on Monday, GGP stock climbed above the offer price and ended the day at $24.05 a share in NY, suggesting that shareholders expected a higher offer to emerge.

The combined company would own assets worth about $100 billion, Brookfield said, giving the asset manager access to more so-called class A retail spaces in urban centers. Scotia Capital Inc. now holds 2,925,230 shares with a value of $68,922,000. CIBC Asset Management Inc now owns 6,076,461 shares of the financial services provider's stock valued at $141,097,000 after buying an additional 2,072,246 shares in the last quarter.

Brookfield is offering $29, or US$23, in cash or 0.9656 of a Brookfield Property Partners unit in exchange for each GGP share.

ILLEGAL ACTIVITY NOTICE: "Brookfield Property Partners L.P. (BPY) Downgraded by Canaccord Genuity" was first posted by TrueBlueTribune and is the sole property of of TrueBlueTribune. Capital World Investors now owns 5,215,000 shares of the utilities provider's stock worth $213,297,000 after acquiring an additional 1,932,672 shares during the period.

Brookfield said its cash proposal represents a 21-per-cent premium over GGP's November 6 closing price of $19.01, the day before news of the going-private transaction became public. Bollard Group LLC now owns 3,681 shares of the utilities provider's stock valued at $151,000 after buying an additional 38 shares during the last quarter.

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The offer confirmed earlier news reports. If you are accessing this report on another website, it was stolen and reposted in violation of U.S. & global copyright laws. The legal version of this piece can be read at https://weekherald.com/2017/11/13/lucas-capital-management-has-3-18-million-stake-in-brookfield-infrastructure-partners-lp-bip.html.

Shares of Brookfield Property Partners L.P. (NYSE:BPY) traded up $0.36 on Monday, reaching $23.68. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.92. Brookfield Infrastructure Partners has a one year low of $30.76 and a one year high of $44.91. Stockholders of record on Thursday, November 30th will be paid a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.00%. DT Investment Partners LLC boosted its holdings in Brookfield Property Partners L.P.by 19.1% in the 2nd quarter. 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.

A number of research firms recently weighed in on BIP. BidaskClub raised Brookfield Infrastructure Partners from a "hold" rating to a "buy" rating in a research note on Friday, August 11th.

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 Property Partners is the listed real estate company of Toronto-based Brookfield Asset Management, a leading global alternative asset manager with over $265 billion in assets under management. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets.

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