Brookfield Asset Management plans to bid for a stake in General Growth Properties, beating an offer by Simon Property Group for the bankrupt shopping mall owner, the Wall Street Journal reported.

The bid would allow Chicago-based General Growth to exit Chapter 11 bankruptcy as a standalone company with Brookfield, the Toronto-based real estate investor, as its largest shareholder, the Wall Street Journal reported on its Web site, citing people familiar with the plan.

bloomberg.com. Wall Street Journal