* GGP says committee to review offer
* GGP shares trading above offer price of $23
* Brookfield Property shares fall 5 pct (Adds GGP's response, background on Brookfield, share movement)
Nov 13 (Reuters) - 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 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, jeweler Tiffany & Co and retailer Macy's Inc.
Brookfield Property, spun off from Toronto-based 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)