Canadian property owner Brookfield Asset Management Inc. (BAM) and Indianapolis-based mall owner Simon Property Group Inc. (SPG) are likely to compete over General Growth Properties Inc. (GGP, GGWPQ.PK), the Wall Street Journal reported Friday citing people familiar with the matter.
General Growth Properties, known as GGP, is the country's second-largest mall owner with 200 properties. Since April, the company has been operating under bankruptcy protection after its efforts to refinance or extend maturing debt failed at the height of the credit crisis. GGP intends to submit a plan by February for reorganizing and exiting from bankruptcy.
Brookfield, a specialized firm in infrastructure, power plants and commercial property, manages a total of more than $98 billion in assets with some $40 billion of commercial property world-wide. As per WSJ, Brookfield has purchased nearly $1 billion of GGP's unsecured debt to position itself to make a bid on the company or some of its malls.
The report also said that Simon Property, which owns 323 U.S. malls, has been hiring advisers and buying General Growth unsecured debt in preparation for making a bid. Simon reportedly wants to acquire all of GGP, not individual assets. The purchase would make Simon Property a dominant player in the U.S. mall industry with more than 500 properties.
The WSJ also said that neither Brookfield nor Simon Property has made a proposal to GGP's board.
BAM closed Thursday's trading at $21.29, up $0.36, on a volume of 1.02 million shares.
SPG dropped $0.94 and ended trading at $74.18 on Thursday on a volume of 3.04 million shares.
GGWPQ.PK rose $1.03 and closed Thursday's trading at $7.98 on 5.24 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.