Hints and tips:
...The money was needed, Mr Flatt explains, to pay for a big wager on US malls — a sector that many investors have left for dead....
...Recent investments have included the power solutions business of Johnson Controls it bought for about $13bn, US mall operator GGP for $15bn and Forest City property group for $11.4bn....
...Separately, Sears also entered into a real estate joint venture with General Growth Properties, under which the Illinois-based retailer would sell 12 properties located at GGP malls....
...GGP shares traded well under $1 in early 2009 as the owner of more than 200 shopping malls struggled to refinance its debt, eventually collapsing into bankruptcy....
...Brookfield teamed up with hedge fund Pershing Square, an investor in GGP, and Fairholme Capital Management with a March offer to recapitalise the owner of 200 shopping malls on a standalone basis....
...With Simon Property Group and Brookfield Asset Management vying for control of GGP’s portfolio of 200 malls, “several of the larger sovereign funds are working with both parties,” said Guy Metcalfe, head...
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