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With Simon Property Group and Brookfield Asset Management vying for control of GGP's portfolio of 200 malls, "several of the larger sovereign funds are working with both parties", said Guy Metcalfe, head of real estate investment banking for Morgan Stanley.Brookfield is likely to raise money for the deal from at least some of the SWFs that have invested in its $5.5bn distressed real estate opportunity fund, which was set up for opportunities such as GGP, the people familiar with the matter say.
The distressed fund's investors - each of which contributed a minimum of $500m - include China Investment Corporation, the Australian Fund for the Future, Government Investment Corp of Singapore and the Canadian Pension Plan Investment Board, a quasi-SWF. Full Story
