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News Breaks
January 3, 2013
06:40 EDTSPG, GGP, BAMPershing Square no longer thinks General Growth should consider sale
Pershing Square disclosed an 8.0% stake in General Growth (GGP) and said that when it filed its original stake in the company on October 24, 2011, its intent was to have conversations with Simon Property Group (SPG) in respect of SPG's interest in acquiring General Growth. Since SPG has chosen not to go forward with that or any other potential transaction with the General Growth, and Brookfield Asset Management (BAM) has subsequently agreed to modify Brookfield’s governance arrangements with the company, Pershing Square said it no longer believes that the General Growth should consider a sale and should therefore remain an independent publicly traded corporation. Furthermore, Pershing Square said it is satisfied with the board’s oversight of the company and therefore intend to return to their status as passive shareholders of the company. Consequently, Pershing Square terminated its activist investor filing and filed a Schedule 13G, reflecting a passive stake.
News For GGP;SPG;BAM From The Last 14 Days
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April 24, 2015
07:06 EDTSPGSimon Property board increases quarterly dividend by 15.4% to $1.50
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07:05 EDTSPGSimon Property reports Q1 EPS FFO $2.28, consensus $2.25
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05:12 EDTSPGSimon Property to jointly develop retail component of Brickell City Centre
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April 23, 2015
15:01 EDTSPGNotable companies reporting before tomorrow's open
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April 22, 2015
09:17 EDTBAMBrookfield agrees to acquire Associated Estates for $28.75 per share in cash
Associated Estates (AEC) announced its board has unanimously approved a definitive merger agreement under which a real estate fund managed by Brookfield Asset Management (BAM) will acquire all outstanding shares of common stock of Associated Estates for $28.75 per share in cash. The transaction is valued at approximately $2.5B including the assumption of debt. Completion of the transaction is contingent upon customary closing conditions. The company will convene a special meeting to seek the approval of Associated Estates shareholders, and the annual meeting previously scheduled for May 22, 2015 has been postponed indefinitely. The transaction is not contingent on receipt of financing by Brookfield. Closing is expected to occur in the second half of 2015. Associated Estates intends to pay the previously announced common stock dividend of 21c per share on May 1, 2015 to shareholders of record as of April 15, 2015. The Company does not expect to pay additional dividends prior to the closing of the merger.
April 21, 2015
16:13 EDTGGPGeneral Growth acquires The Crown Building for $1.775B
General Growth Properties announced the acquisition of The Crown Building located at 730 5th Avenue in New York City. The Crown Building is a 26-story retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan. The acquisition price was $1.775B and was partially funded with $1.25B of secured debt. GGP and Jeff Sutton will own, redevelop, lease and manage the retail portion of the property. The retail is currently occupied by tenants such as Bulgari, Piaget, and Mikimoto and is comprised of approximately 100,000 square feet.
13:17 EDTSPGPennsylvania REIT viewed as potential Simon takeover target, dealReporter says
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07:51 EDTBAMBlackstone, Brookfield bid for A$9B of office properties, Globe and Mail says
Investa Property Group, Australia’s third-biggest owner of city center offices, is seeing interest from Blackstone (BX) and Brookfield Asset Management (BAM), as well as LaSalle Investment Management and China’s Fosun, for the A$9B portfolio of Australian office properties that Morgan Stanley (MS) is marketing on the company's behalf, said Bloomberg, citing people with knowledge of the matter. Reference Link
April 20, 2015
18:52 EDTBAMBrookfield 17.9M share Spot Secondary priced at $56.00
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16:41 EDTBAMBrookfield files to sell 17.9M Class A Limited Voting shares
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April 17, 2015
08:21 EDTSPGSimon Property coverage resumved with an Overweight at Morgan Stanley
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08:02 EDTSPGSimon Property and Mitsubishi opens expansion of Shisui outlets
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April 16, 2015
19:14 EDTBAMGas Natural, Brookfield, Generco express interest in Isagen, Reuters says
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April 15, 2015
13:54 EDTSPGOrange Capital pressures Macerich over rejected Simon Property bid, WSJ says
Activist investor Orange Capital, which has a stake of less than 1% in Macerich (MAC), has teamed up with Jonathan Litt led Land and Buildings Fund, to urge Macerich to reconsider the $16.8B “best and final” takeover bid from Simon (SPG), says the Wall Street Journal, citing sources. Reference Link
13:43 EDTSPGOrange Capital pressures Macerich over rejected Simon Property bid, DJ says
11:37 EDTBAMBrookfield files $5B mixed securities shelf
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10:36 EDTSPGBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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April 13, 2015
08:19 EDTSPGSimon Property reinstated with a Buy at Goldman
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06:35 EDTSPGSears volatility low into Simon Property a joint venture of real estate holdings
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06:06 EDTSPGSears, Simon Property form 50/50 JV
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