November 7, 2017 / 8:55 PM / a year ago

BUZZ-GGP soars on potential takeout by Brookfield; mall REITs rip

** Report that Brookfield Asset Management in talks to buy rest of GGP it doesn’t already own sends shares of the mall REIT soaring as much as 19.5 pct to $22.71

** Bloomberg reports that Brookfield holding preliminary talks about taking GGP private (bloom.bg/2zm6sLv)

** Co’s have discussed premium of about 10-15 pct above GGP’s share price at start of this week, Bloomberg says, citing person familiar with the matter

** Brookfield already top GGP holder with 37 pct stake, per Thomson Reuters data

** GGP having busiest day since Dec 2013; has traded >46 mln shares, nearly 8x its 30-day avg

** GGP had market cap of ~$18 bln and stock had fallen 24 pct YTD through Mon’s close

** Other mall REITs follow suit on news: Macerich up 8 pct, Simon Property Group 2.3 pct, SL Green Realty 1.4 pct

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