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HAMILTON, BERMUDA-Brookfield Property Partners LP is increasing its ownership of General Growth Properties to 32%, announcing Friday that it will buy additional shares and warrants for $1.4 billion. It’s part of a broader reorganization of the consortium led by Brookfield Asset Management Inc. through which BPY owns its interest in Chicago-based GGP, the second largest mall owner in the US.

BPY will fund the transaction by issuing $435 million of BPY units to Investment Corp. of Dubai and other institutional investors and $995 million of redeemable-exchangeable units of a BPY subsidiary to BAM. BPY will continue to be part of a consortium of institutional investors that collectively owns about 40% of GGP. In addition, BPY will acquire 1.1 million common shares of Rouse Properties Inc.—spun off from GGP in 2012—from certain consortium members and BAM.

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