General Growth Properties Inc. (GGP:US) filed to sell 440.6 million shares of common stock held by Brookfield Asset Management Inc. to reflect the transfer of stock in a recent spinoff.
The offering consists of 357.7 million shares and 82.9 million shares that can be issued upon the exercise of warrants, according to a regulatory filing today. General Growth also filed to sell 73.9 million warrants held by Toronto-based Brookfield Asset.
“This is a technical filing to update the reporting of our shares and reflects the transfer of shares” from Brookfield Asset Management to Brookfield Property Partners LP (BPY-U), a spinoff, Andrew Willis, a Brookfield Asset spokesman, said in an e-mail.
The company has no plans to sell its stake in General Growth, he said.
Brookfield Asset holds 376.1 million common shares of Chicago-based General Growth, according to data (GGP:US) compiled by Bloomberg. That’s equal to a 39 percent stake. It also owns warrants to buy additional stock.
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