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GGP : Brookfield closes deal to buy GGP portfolio, including Plaza Frontenac, for $15 billion

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08/28/2018 | 04:32pm CEST

Aug. 28--Toronto-based Brookfield Property Partners on Tuesday announced it had completed its acquisition of GGP Inc. for $15 billion.

The deal includes 125 retail properties, including the Plaza Frontenac mall in St. Louis County.

Brookfield already owned 33 percent of GGP and acquired the remaining ownership stake in the company in the transaction.

Meanwhile, Amazon.com Inc. is in the running to acquire Landmark Theaters, which operates the Plaza Frontenac Cinema (as well as the Tivoli Theatre), in a move that would vault the e-commerce giant into the brick-and-mortar cinema industry.

St. Louis' stock of shopping malls is in the process of being overhauled or reimagined.

Taken collectively, St. Louis' seven regional malls -- Chesterfield Mall, Mid Rivers Mall, Plaza Frontenac, South County Center, St. Clair Square, St. Louis Galleria and West County Center -- are also at a six-year high for vacancy.

Redevelopment plans for properties such as Chesterfield Mall, St. Louis Outlet Mall in Hazelwood, the former Taubman Prestige Outlets in Chesterfield and the vacant Jamestown Mall in North St. Louis County are all in varying stages of redevelopment. And plans for the site of the old Crestwood Plaza also appear to be active again.

___

(c)2018 the St. Louis Post-Dispatch

Visit the St. Louis Post-Dispatch at www.stltoday.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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