Brookfield Property Partners wants to redevelop 100 of the 125 malls in its recently acquired GGP portfolio into what it calls mixed-use “mini cities.” Brookfield estimates that it will invest between $800 million and $1 billion annually over the next few years as it adds on office and residential space to the properties. The firm will redevelop and sell the remaining 25 malls.

Deprived of rental receipts, Brookfield has for months been struggling to stay on top of the debt owned on its retail properties. At least seven of its malls had defaulted on their mortgages by the end of June. Some 20% of jobs will be cut by the group. According to management, the job cuts and property divestitures as part of a long-term strategy to reduce the size of its retail portfolio.