US property company General Growth Properties has closed the largest takeover over in the history of the US REIT market.
In a $12.6bn deal, it has bought The Rouse Company, a developer and manager of shopping centres and planned communities.
Rouse shareholders received $67.50, representing a 33.4% premium to the stock’s closing price prior to the announcement.
Rouse will add a 4.5m m2 portfolio including 37 regional malls to make General Growth the second largest US REIT.
General Growth owns or manages 221 regional shopping centres across 44 states. It has a total portfolio of 18.6m m2.
Deutsche Bank, which advised Rouse, said the transaction was indicative of a global trend towards consolidation in the regional shopping centre industry.
