Columbia mall owner gets $14.8B purchase offer

Daily Record Staff//November 13, 2017//

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General Growth, the operator of The Mall in Columbia and which received a $14.8 offer from Brookfield Property Partners, began operating the $1.4 million-square-foot Columbia mall when it acquired the shopping center from The Rouse Co. in 2004. General Growth acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash. (File photo)

(AP) — Brookfield Property Partners LP is offering $14.8 billion to buy the remaining shares of The Mall in Columbia’s owner General Growth Properties Inc. that it doesn’t already own.

Officials with General Growth said Monday it received an unsolicited proposal from Brookfield on Saturday. The offer would give each General Growth shareholder $23 in cash per share or 0.9656 of a limited partnership unit of Brookfield.

General Growth officials say a special committee will review the proposal. The company, which also owns high-end malls near Los Angeles and Water Tower Place in Chicago, where it is based, emerged from bankruptcy protection in 2010 with help from Brookfield.

General Growth began operating the $1.4 million-square-foot Columbia mall when it acquired the shopping center from The Rouse Co. in 2004. General Growth acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash.

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