Brookfield Property Partners offers almost $15B to buy remaining GGP stocks

Brookfield Infrastructure Partners LP - Receive News & Ratings Daily

Zacks Investment Research cut shares of Brookfield Infrastructure Partners LP (NYSE:BIP) (TSE:BIP.UN) from a buy rating to a hold rating in a report issued on Tuesday.

Scotiabank raised the price target on November 6 changing the forecast from $25.25 to $25.50 and issued a "Outperform" recommendation.

The company, which is a publicly-traded real estate company and subsidiary of Toronto-based Brookfield Asset Management, already holds a 34 per cent stake in GGP. Brookfield Property Partners L.P. has a 1-year low of $20.31 and a 1-year high of $24.96.

Brookfield now owns about 34 per cent of the company, which operates as a publicly-traded trust. The company's P/E ratio is 164.39 and market cap is 15.94B. This buyback authorization permits the utilities provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued. If you are accessing this story on another publication, it was copied illegally and reposted in violation of worldwide copyright laws. The legal version of this piece can be read at https://weekherald.com/2017/11/13/lucas-capital-management-has-3-18-million-stake-in-brookfield-infrastructure-partners-lp-bip.html.

Several institutional investors have recently made changes to their positions in BPY. The value of the company's investment in Brookfield Property Partners L increased from $718,000 to $730,000 increasing 1.7% for the reporting period. State of New Jersey Common Pension Fund D now owns 275,000 shares of the financial services provider's stock valued at $6,422,000 after buying an additional 10,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in Brookfield Property Partners L.P.by 25.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,751,437 shares of the utilities provider's stock worth $377,532,000 after acquiring an additional 437,693 shares during the period.

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Brookfield said its cash proposal represents a 21-per-cent premium over GGP's November 6 closing price of $19.01, the day before news of the going-private transaction became public.

"This transaction will provide GGP shareholders the option to immediately realize value for their shares at a 21 per cent premium in cash and the opportunity to continue to participate in the growth of a leading, globally diversified real estate company that will be able to grow faster and create more value than either could on a stand-alone basis". Finally, Principal Financial Group Inc. increased its holdings in Brookfield Infrastructure Partners by 5.3% during the 3rd quarter. Finally, Great West Life Assurance Co.

Shares of Brookfield Property Partners L.P. CIBC Asset Management Inc raised its stake in shares of Brookfield Property Partners L.P.by 51.8% in the 3rd quarter. Institutional investors own 63.24% of the company's stock.

Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. The company was formerly known as Brookfield Renewable Energy Partners L.P. and changed its name to Brookfield Renewable Partners L.P.in May 2016. The Company owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage and student housing assets.

Traders are feeling more bearish recently as implied by the uptick in short interest.

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