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A GGP retail holding

NEW YORK–Class A malls are in trouble. This is, at least, according to various analysts that expressed dismay last week about Brookfield Property Partners’ $9.25 billion deal to acquire the rest of GGP. And of course, the market signaled its disapproval of the deal, promptly punishing retail REIT stocks in the wake of the news of the $23.50 per share purchase price. The theory behind the upset is that it had been broadly expected that GGP would trade at a higher price. The fact that it didn’t — assuming shareholders approve the deal — thus points to a decline in valuations across all mall stocks, including the REITs that hold high-quality assets.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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