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Brookfield buys GGP stake from Fairholme

Brookfield Asset Management Inc. (BAM.A-T) said Tuesday it agreed to buy 113.3 million shares of mall operator General Growth Properties Inc. (GGP-N) from investment fund Fairholme Fund for about $1.7 billion US.

Brookfield will issue 27.5 million Class A shares valued at $907 million to Fairholme and pay $804 million in cash to acquire the General Growth shares.

The deal will increase the Brookfield consortium's ownership of General Growth to 38 percent from 27 percent and Fairholme will end up with a 4.5 stake in Brookfield.

General Growth Properties exited bankruptcy in November boosted by equity capital from Brookfield and Fairholme as well as two other investors.

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