“The transaction will create … one of the largest listed property companies in the world, with an ownership interest in almost $100 billion of premier real estate assets globally and annual net operating income of approximately $5 billion,” a Brookfield statement said.

“Brookfield’s access to large-scale capital and deep operating expertise across multiple real estate sectors, combined with GGP’s high-quality retail asset base, will allow us to maximize the value of these irreplaceable assets,” Brookfield Property CEO Brian Kingston said in a prepared statement. “We are excited about the opportunity to leverage our expertise to grow, transform or reposition GGP’s shopping centers, creating long-term value in a way that would not otherwise be possible.”

GGP, which owns class-A malls cross the U.S., issued a statement confirming the bid. “The board has formed a special committee … of its nonexecutive, independent directors which, in consultation with its financial and legal advisers, will carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company’s stockholders. The company’s stockholders do not need to take any action at this time.”

Brookfield Property Partners is the real estate unit of Toronto-based Brookfield Asset Management. Brookfield has about $68 billion in assets.