Brookfield Property Partners has completed the USD $15-billion deal, begun more than nine months ago, to acquire the U.S. based GGP retail portfolio. That includes a USD $9.25 billion pre-closing dividend and a payout to GGP shareholders of either USD $23.50 per share or the per share equivalent in Brookfield units or shares of the newly created Brookfield Property REIT, which began trading on the NASDAQ today.

“This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” Brookfield chief executive officer Brian Kingston observed after reaching the terms with a special committee of GGP’s board of directors in late March.

The new U.S. REIT is intended as an economic equivalent to Brookfield units, including identical distributions. A quarterly dividend of $0.315 per share will be paid on September 28 to shareholders of record as of the close of business on August 31.

With the close of the deal, Brookfield Property Partners’ retail portfolio grows to more than 160 malls and/or prominent high street locations in almost every U.S. state. This contributes to approximately USD $90 billion in total assets, including office and retail and interests in multifamily, student housing, manufactured housing, industrial, hospitality and self-storage properties.