Brookfield Place in downtown New York.

Brookfield has shown shopping mall-operator GGP the money and voila! a deal.

Brookfield Property Partners LP (BPY - Get Report)  a unit of Canada's Brookfield Asset Management Inc. (BAM - Get Report) , has agreed to an improved cash-and-share offer for the about 66% it doesn't already own in U.S. shopping-mall operator GGP Inc. (GGP) . Brookfield will offer about $15 billion for the stake, in line with a bid that was rejected in November, but with an increase in the cash portion of its offer and an option to take payment in a new REIT vehicle. The bid values the two-thirds stake in GGP at about $29.5 billion, including debt.

"Assuming the deal close in early Q3 2018, we believe the broad Brookfield Group will be active in repositioning assets along with extracting incremental value from this largely unloved asset class," wrote research analysts Andrew M. Kuske and Paul Tan of Credit Suisse in a note published on Monday, March 26.

Toronto-based Brookfield will offer $23.50 in cash, or either one Brookfield unit or one share in a new real estate investment trust called BPY U.S. REIT. The cash portion of the deal will be capped a $9.25 billion. The $23.50 cash offer equates to an about 24% premium to GGP's share price on Nov. 6.

GGP shareholders will receive a portion of the payment as a special dividend paid in cash and equity, meaning all shareholders will get some cash from the sale.

"Brookfield's improved proposal ... provides GGP shareholders with certainty of value, as well as upside potential through ownership in a globally diversified real estate company," said Daniel Hurwitz, GGP's lead director and chairman of the special committee charged with assessing the bid. "We are pleased to have reached this agreement, which we believe is in the best interests of GGP and our shareholders."

The deal ends years of speculation about GGP's fate and comes amid a dip in mall operator's share prices and earnings, which have come under pressure from the growth in e-commerce. GGP stock had fallen about a third from its mid-2016 five-year high of $31.95, and closed down on Tuesday, March 27, more than 5% to $20.80. 

Brookfield Property's shares were trading at $25.16 at 3:30 p.m. ET. 

Chicago-headquartered GGP, in 2011 and 2012, studied the possibility of a sale to Simon Property Group, but found its would-be partner unwilling to pursue a deal. Brookfield has owned its stake in GGP since 2010 when it led a recapitalization of the company, then called General Growth Properties, that enabled it to emerge from bankruptcy. Brookfield's initial investment was for $2.6 billion.

Brookfields' combination with GGP will create a group with about $90 billion in assets and annual net operating income of more than $4 billion. GGP shareholders will own about 26% of the combined company.

GGP shareholders will receive a portion of the payment as a special dividend paid in cash and equity, meaning all shareholders will get some cash from the sale.

The deal needs the support of the holders of two-thirds of GGP shares and a majority of the stock not already owned by Brookfield. It is expected to close in the third-quarter of 2018.

—Michelle Lodge, David Marcus and Michael Brown contributed to this report.