Brookfield Property to Buy Rest of U.S. Mall Owner GGP (2)

Brookfield Property Partners LP reached a deal to buy the rest of GGP Inc. it doesn’t own, gaining full control of the second-largest U.S. mall owner amid tumult in the retail industry.

GGP shareholders will receive $23.50 a share in cash, or either one Brookfield unit or one share of a new real estate investment trust for each share they own, the companies said Monday in a statement. The deal, increased from a November proposal, is valued at almost $15 billion, according to data compiled by Bloomberg.

Brookfield, the real estate unit of Toronto-based Brookfield Asset Management Inc., ...