The offer would trump an approach by Simon Property Group and rescue Chicago-based General Growth from Chapter 11 solvency with Brookfield as its largest shareholder.
Simon Property, America’s largest shopping centre investor, announced a deal that would hand equity investors $9 per share and repay unsecured creditors in full on 16 February. General Growth knocked back the approach and invited other offers.
Brookfield has made no secret of its desire to pick up distressed assets, having raised $5bn of equity for that purpose last year.
A spokesperson for Brookfield was unavailable for comment last night. General Growth was also unavailable.