GGP rejects Brookfield Property's US$14.8b buyout offer: sources

New York

GGP Inc, one of the largest owners and operators of US shopping centres, has rejected a US$14.8 billion buyout offer from its biggest shareholder, Brookfield Property Partners LP, people familiar with the matter said on Sunday.

Brookfield Property made a US$23-per-share cash and stock offer last month for the 66 per cent of GGP it does not already own. A combination of Chicago-based GGP and Brookfield Property would create one of the world's largest publicly traded property companies.