(Reuters) - Brookfield Property Partners LP (>> Brookfield Property Partners LP), one of the world's largest commercial real estate companies, on Monday made an unsolicited bid to buy the 66 percent stake in mall owner GGP Inc (>> GGP Inc) it does not already own for $14.8 billion.

The $23 cash-and-stock offer for each GGP share represents a premium of 3.6 percent to GGP's Friday close. But is at a 21 premium to GGP's close on Nov. 6, a day before Bloomberg reported that Brookfield was in preliminary talks with GGP.

GGP's shares were trading above the offer price at $23.85, suggesting some investors were expecting a higher bid.

Brookfield's shares were down 5 percent at $22.44 in morning trade.

With about 127 properties, mostly in the United States, GGP's tenants include carmaker Tesla (>> Tesla), jeweler Tiffany & Co (>> Tiffany & Co.) and retailer Macy's Inc (>> Macy's Inc).

Brookfield Property, spun off from Toronto-based Brookfield Asset Management Inc (>> Brookfield Asset Management Inc), holds about 34 percent in GGP through several entities.

GGP said its board had formed a special committee to review and consider the proposal.

A potential deal is expected to create a company with an ownership interest in almost $100 billion real estate assets globally and annual net operating income of about $5 billion, Brookfield said.

GGP shareholders will own about 30 percent of the combined company.

Citigroup Global Markets Inc is serving as financial adviser and Sullivan & Cromwell LLP is serving as legal counsel to GGP.

(Reporting by Sanjana Shivdas; Editing by Sriraj Kalluvila)