TORONTO - Brookfield Asset Management (TSX:BAM) and Pershing Square have resolved a dispute over General Growth Properties (NYSE:GGP), owner-operator of regional shopping malls in 41 states.
Toronto-based Brookfield is the largest shareholder of GGP and New York-based Pershing Square controlled the second-largest block when the dispute between the fund managers arose last summer.
Pershing Square was pushing to have GGP sold to another U.S. real estate company, while Brookfield favoured General Growth remaining independent.
Regulatory documents show Pershing has dropped efforts to have General Growth sold and Brookfield has agreed to exchange $271.9 million in notes to acquire GGP purchase warrants from Pershing.
The four-year standstill agreement between the two fund managers is dated Dec. 31 but was only disclosed on Thursday through a U.S. regulatory filing.