Brookfield Property Partners
{{short description|Canada-based real estate company}}
{{Promotional|date=January 2025}}
{{Infobox company
| name = Brookfield Property Partners L.P.
| logo = Brookfield Asset Management logo.svg
| type = Subsidiary
| industry = Commercial property
| founded = {{Start date and age|2013|01|03}}
| location = Hamilton, Bermuda
| area_served = United States, Canada, Australia, Europe, Brazil, and Asia
| key_people = {{ubl|Ric Clark (chairman)|Brian Kingston (CEO)
|Lowell Baron (president & CIO)}}
| products = Commercial property
| revenue = {{increase}} US$9.483 billion (2023)
| net_income = {{decrease}} -US$1.849 billion (2023)
| assets = {{increase}} US$131.577 billion (2023)
| equity = {{increase}} US$48.587 billion (2023)
| num_employees = 30,200, including affiliates
| parent = Brookfield Corporation
| subsid = Brookfield Properties (35.89% general partnership interest)
| website = {{URL|https://bpy.brookfield.com/}}
| footnotes = {{Cite web | url=https://bpy.brookfield.com/sites/bpy-brookfield-ir/files/brookfield/bpy/annual-reports/bpy-2023%2020-f-filing.pdf | title=Brookfield Property Partners 2023 Annual Report}}{{Cite web | url=https://bpy.brookfield.com/sites/bpy-brookfield-ir/files/Brookfield-BPY-IR-V2/quarterly-reports/2024/bpy-form-6k-q3-2024.pdf | title=Brookfield Property Partners Q3 2024 Interim Report}}
}}
Brookfield Property Partners L.P. is a limited partnership that owns office buildings and shopping centers/shopping malls, as well as minority limited partner interests in investment funds sponsored by affiliates that invest in other types of commercial property. It is headquartered in Hamilton, Bermuda.
The partnership is a wholly-owned subsidiary of Brookfield Corporation, but it has outstanding publicly-traded preferred stock. The partnership owns a 35.89% general partnership interest in Brookfield Properties, while a 63.46% beneficial interest in Brookfield Properties is owned by Brookfield Corporation.
The partnership was formed in January 2013 and in April 2013, Brookfield Corporation completed the corporate spin-off of the partnership. In August 2018, the partnership acquired the interests in GGP Inc. that it did not already own. In July 2021, the partnership once again became a wholly-owned subsidiary of Brookfield Corporation.
In 2023, approximately 65% of the partnership's revenues were generated in the United States, while 35% of revenues originated from Canada, Australia, the United Kingdom, Europe, Brazil and Asia.
History
Brookfield Corporation completed the corporate spin-off of Brookfield Property Partners in April 2013, with shares listed on the Toronto and New York Stock Exchanges.{{cite news |url=https://www.bloomberg.com/news/articles/2013-04-12/brookfield-spinoff-plans-to-expand-beyond-offices-malls |title=Brookfield Spinoff Plans to Expand Beyond Offices, Malls | last=Yu |first=Hui-yong | work=Bloomberg News |date=12 April 2013 |archive-date=22 April 2016 | url-access=subscription |archive-url=https://web.archive.org/web/20160422075022/http://www.bloomberg.com/news/articles/2013-04-12/brookfield-spinoff-plans-to-expand-beyond-offices-malls|url-status=live}}{{cite press release | url=https://www.globenewswire.com/news-release/2013/04/15/1378225/0/en/Brookfield-Asset-Management-Completes-Spin-Off-of-Brookfield-Property-Partners.html | title=Brookfield Asset Management Completes Spin-Off of Brookfield Property Partners | publisher=Globe Newswire | date=April 15, 2013}}{{Cite news | url=https://commercialobserver.com/2013/04/brookfield-property-partners-completes-spinoff-from-brookfield-asset-management/ | title=Brookfield Property Partners Completes Spinoff from Brookfield Asset Management | first=Gus | last=Delaporte | work=Observer Media | date=April 16, 2013 | url-access=subscription}}{{cite news |url=https://www.ft.com/content/0eae97c6-9f51-11e3-a48e-00144feab7de |title=Ric Clark takes Brookfield Property Group into new sectors and territories | last=Raval | first=Anjli | date=11 March 2014 | work=Financial Times | archive-date=9 November 2023 | archive-url=https://web.archive.org/web/20231109183720/https://www.ft.com/content/0eae97c6-9f51-11e3-a48e-00144feab7de#axzz3OjLgKxk7 | url-status=live}}
In June 2014, the partnership acquired Brookfield Office Properties via a tender offer.{{cite news |url=https://www.bloomberg.com/news/articles/2013-09-30/brookfield-property-partners-offers-to-buy-brookfield-office | title=Brookfield Property Offers to Acquire Brookfield Office | last1=Carmiel | first1=Oshrat | last2=Levitt | first2=David M. | work=Bloomberg News | date=1 October 2013 | url-access=subscription | archive-date=22 April 2016 |archive-url=https://web.archive.org/web/20160422060305/http://www.bloomberg.com/news/articles/2013-09-30/brookfield-property-partners-offers-to-buy-brookfield-office | url-status=live}}{{cite press release |title=Brookfield Property Partners Completes Acquisition of Brookfield Office Properties |url=https://finance.yahoo.com/news/brookfield-property-partners-completes-acquisition-203824708.html | publisher=Marketwired | via=Yahoo! Finance | date=June 10, 2014}}
In December 2014, Qatar Investment Authority invested $1.8 billion into the partnership in the form of preferred equity securities.{{Cite press release | url=https://sg.finance.yahoo.com/news/qatar-investment-authority-qia-strategic-153215509.html | title=Qatar Investment Authority ("QIA") to Make Strategic Investment in Brookfield Property Partners ("BPY") | publisher=Marketwired | via=Yahoo! Finance | date=5 December 2014}}{{Cite news | url=https://www.nytimes.com/2018/08/03/nyregion/kushners-building-fifth-avenue-brookfield-lease.html | title=Deal Gives Kushners Cash Infusion on 666 Fifth Avenue | first1=Charles V. | last1=Bagli | first2=Kate | last2=Kelly | work=The New York Times | date=August 3, 2018 | url-access=limited}}
In November 2015, Ric Clark became chairman and Brian Kingston became CEO.{{Cite news |url=https://www.bloomberg.com/news/articles/2015-11-05/brookfield-property-names-kingston-ceo-clark-becomes-chairman |title=Brookfield Property Names Kingston CEO, Clark Becomes Chairman | first=David M. | last=Levitt | work=Bloomberg News |date=November 5, 2015 | url-access=subscription |archive-date=2020-03-19 |archive-url=https://web.archive.org/web/20200319185429/https://www.bloomberg.com/news/articles/2015-11-05/brookfield-property-names-kingston-ceo-clark-becomes-chairman| url-status=live}}{{Cite press release | url=https://finance.yahoo.com/news/brookfield-property-partners-reports-third-115000643.html | title=Brookfield Property Partners Reports Third Quarter 2015 Results | publisher=Marketwired | via=Yahoo! Finance | date=November 5, 2015}}
In July 2021, the partnership was acquired by Brookfield Corporation.{{Cite press release | url=https://www.globenewswire.com/news-release/2021/07/26/2268860/0/en/Brookfield-Asset-Management-Completes-Privatization-of-Brookfield-Property-Partners.html | title=Brookfield Asset Management Completes Privatization of Brookfield Property Partners | publisher=GlobeNewswire | date=July 26, 2021}}{{Cite news | url=https://www.torys.com/en/work/2021/04/7ecbaf8b-81f0-451a-91c3-115b5d04a388 | title=Brookfield Asset Management completes privatization of Brookfield Property Partners | work=Torys | date=July 26, 2021}} The transaction was intended to simplify the company's corporate structure and accounting.{{Cite news | url=https://therealdeal.com/magazine/national-february-2021/brookfields-internal-affairs/ | title=Brookfield's internal affairs | first=Keith | last=Larsen | work=The Real Deal | date=February 18, 2021 | url-access=subscription}}
Investments
=Office buildings=
As of September 30, 2024, the partnership owned 72 million leasable square feet in 125 office buildings in markets such as New York, London, Dubai, Toronto, and Berlin.
Notable properties owned by the partnership include Brookfield Place in New York and Bank of America Plaza in Los Angeles.{{Cite news | url=https://www.ladowntownnews.com/news/huge-lease-extension-inked-at-bank-of-america-plaza/article_66fe2d96-de4e-11e4-8216-77ba40d64695.html | title=Huge Lease Extension Inked at Bank of America Plaza | work=Los Angeles Downtown News | date=April 9, 2015 | archive-date=2015-04-14 |archive-url=https://web.archive.org/web/20150414012129/http://www.ladowntownnews.com/news/huge-lease-extension-inked-at-bank-of-america-plaza/article_66fe2d96-de4e-11e4-8216-77ba40d64695.html|url-status=live}}{{Cite news |url=https://www.crainsnewyork.com/article/20180611/REAL_ESTATE/180619987/wall-street-is-awash-in-subleases-a-bad-sign-for-landlords |title=Wall Street is awash in subleases—a bad sign for landlords |work=Crain Communications | date=June 11, 2018 | url-access=subscription}}
In 2013, the partnership bought a 22% interest in China Xintiandi, operator of a shopping, dining and entertainment complex in Xintiandi, Shanghai, from Shui On Land for $500 million.{{cite news | url=https://www.wsj.com/articles/SB10001424052702304527504579169432280430994 | title=Brookfield Buys Stake in Prime Shanghai Property | last=Fung | first=Esther | work=The Wall Street Journal | date=31 October 2013 | url-access=subscription |archive-date=25 April 2016 | archive-url=https://web.archive.org/web/20160425052443/http://www.wsj.com/articles/SB10001424052702304527504579169432280430994|url-status=live}}
In late 2014, Brookfield acquired a portfolio of office parks in India.{{cite news |url=https://jp.reuters.com/article/factbox-investors-ready-1-billion-war-chest-for-office-assets-in-india-idUSL4N0P71EP/ |title=Factbox – Investors ready $1 billion war chest for office assets in India |last1=Shah |first1=Aditi | work=Reuters | location=New Delhi | date=26 June 2016 | archive-date=22 April 2016 | archive-url=https://web.archive.org/web/20160422235149/http://in.reuters.com/article/india-reits-idINKBN0F10WP20140626n|url-status=live}}
Following a $300 million renovation, in March 2015, the company opened Brookfield Place, a 375,000 square-foot retail space in New York City.{{cite news |url=https://www.cpexecutive.com/post/downtown-manhattans-brookfield-place-celebrates-grand-opening/ |title=Downtown Manhattan's Brookfield Place Celebrates Grand Opening | last=Murray |first=Barbra | work=Commercial Property Executive | date=30 March 2015| archive-date=23 September 2016 |archive-url=https://web.archive.org/web/20160923162121/https://www.cpexecutive.com/post/downtown-manhattans-brookfield-place-celebrates-grand-opening/|url-status=live}}
In a joint venture with Qatar Investment Authority, the partnership acquired Canary Wharf Group in April 2015 via the acquisition of Songbird Estates Plc., which owned 69% of CWG, in a deal that valued Songbird at about £2.6 billion.{{cite news |url=https://www.wsj.com/articles/brookfield-qatar-fund-take-control-of-londons-canary-wharf-1425407733 | title=Brookfield, Qatar Fund Take Control of London's Canary Wharf | first=Art | last=Patnaude | work=The Wall Street Journal | date=March 3, 2015 | url-access=subscription}}{{cite news |url=https://www.bloomberg.com/news/articles/2015-04-20/qatar-brookfield-take-full-control-of-canary-wharf-group |title=Qatar and Brookfield take full control of Canary Wharf | last=Callanan |first=Neil | work=Bloomberg News | date=20 April 2015 | url-access=subscription | archive-date=27 April 2016|archive-url=https://web.archive.org/web/20160427051145/http://www.bnn.ca/News/2015/4/20/Qatar-and-Brookfield-Take-Full-Control-of-Canary-Wharf-Group.aspx | url-status=live}}
Also in April 2015, the company signed Skadden Arps to be the anchor tenant at One Manhattan West, a 2.1 million square-foot office tower in New York City.{{cite news |url=https://www.bloomberg.com/news/articles/2015-04-14/brookfield-to-start-manhattan-tower-after-signing-skadden |title=Brookfield to Start Manhattan Tower After Signing Skadden | last=Levitt | first=David M. | work=Bloomberg News |date=14 April 2015 | url-access=subscription | archive-date=22 April 2016|archive-url=https://web.archive.org/web/20160422080602/http://www.bloomberg.com/news/articles/2015-04-14/brookfield-to-start-manhattan-tower-after-signing-skadden| url-status=live}}
In October 2015, it sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority.{{cite news | url=https://www.ft.com/content/4c9a17d2-7d66-11e5-98fb-5a6d4728f74e | last1=Sender | first1=Henny | title=Qatar fund backs Brookfield's $8bn Manhattan West project | work=Financial Times |date=28 October 2015 | archive-date=9 November 2023|archive-url=https://web.archive.org/web/20231109183720/https://www.ft.com/content/4c9a17d2-7d66-11e5-98fb-5a6d4728f74e#axzz45bErH3tg | url-status=live}}
In December 2015 and January 2016, Brookfield acquired seven office buildings in São Paulo and Rio de Janeiro, Brazil.{{cite news |url=https://www.wsj.com/articles/big-property-investors-hunt-for-bargains-in-brazil-1430818384 |title=Big Property Investors Hunt for Bargains in Brazil |last=Grant |first=Peter | work=The Wall Street Journal | date=5 May 2015 | url-access=subscription | archive-date=9 April 2016|archive-url=https://web.archive.org/web/20160409190439/http://www.wsj.com/articles/big-property-investors-hunt-for-bargains-in-brazil-1430818384|url-status=live}}
Together with Korea Investment Corporation, the partnership acquired Potsdamer Platz in Berlin for $1.41 billion in January 2016.{{cite news |url=https://www.wsj.com/articles/brookfield-acquires-potsdamer-platz-in-berlin-for-1-4-billion-1451915790 |title=Brookfield Acquires Potsdamer Platz in Berlin for $1.4 Billion |last=Patnaude| first=Art | work=The Wall Street Journal |date=4 January 2016 | url-access=subscription |archive-date=11 April 2016|archive-url=https://web.archive.org/web/20160411214445/http://www.wsj.com/articles/brookfield-acquires-potsdamer-platz-in-berlin-for-1-4-billion-1451915790 |url-status=live}}{{cite news |url=https://www.ft.com/content/01ee8cf8-b22d-11e5-8358-9a82b43f6b2f |title=Brookfield and KIC buy Berlin real estate |last=Sender |first=Henny | work=Financial Times |date=4 January 2016 |archive-date=9 November 2023|archive-url=https://web.archive.org/web/20231109183745/https://www.ft.com/content/01ee8cf8-b22d-11e5-8358-9a82b43f6b2f#axzz45bErH3tg |url-status=live}}
In 2016, Brookfield, with a joint venture partner, Investment Corporation of Dubai, commenced construction in Dubai on ICD Brookfield Place, a 1.5 million square foot office and retail development in the Dubai International Financial Centre district.{{cite news |url=https://www.bloomberg.com/news/articles/2016-01-20/brookfield-plans-1-billion-office-tower-in-dubai-finance-center |title=Brookfield Plans $1 Billion Office Tower in Dubai Finance Center |last=Fattah | first=Zainab | work=Bloomberg News | date=20 January 2016 | url-access=subscription |archive-date=22 April 2016|archive-url=https://web.archive.org/web/20160422075037/http://www.bloomberg.com/news/articles/2016-01-20/brookfield-plans-1-billion-office-tower-in-dubai-finance-center|url-status=live}}{{Cite news |url=https://www.thenationalnews.com/business/property/work-begins-on-1bn-icd-brookfield-place-tower-in-difc-1.175642/ |title=Work begins on $1bn ICD Brookfield Place tower in DIFC | first=Michael | last=Fahy | work=The National | date=January 20, 2016 | url-access=registration | archive-date=2017-04-28|archive-url=https://web.archive.org/web/20170428162005/http://www.thenational.ae/business/property/work-begins-on-1bn-icd-brookfield-place-tower-in-difc |url-status=live}}
In late 2016, Brookfield expanded into South Korea, acquiring the International Finance Center Seoul (IFC Seoul) with three high-rise office towers, a three-level retail mall, and a five-star Conrad Hotels.{{Cite news | url=https://www.mingtiandi.com/real-estate/outbound-investment/brookfield-and-cic-team-up-for-2-7b-purchase-of-ifc-seoul/ | title=Brookfield and CIC Team Up For $2.7B Purchase of IFC Seoul |work=Mingtiandi | date=November 21, 2016 | archive-date=2017-04-27 | archive-url=https://web.archive.org/web/20170427205116/http://www.mingtiandi.com/real-estate/outbound-investment/brookfield-and-cic-team-up-for-2-7b-purchase-of-ifc-seoul/|url-status=live}}
=Retail=
As of September 30, 2024, the partnership owned 106 million square feet of retail in 103 properties in the United States.
In September 2014, Brookfield signed a lease with Hudson's Bay Company, owners of Saks Fifth Avenue department stores, at Brookfield Place, to open an 85,000 square foot store and occupy 400,000 square feet of office space in the building.{{cite news | url=https://www.wsj.com/articles/BL-DVB-22430 |title=Saks Deal Is A Sign of New Luxury Era in Downtown Manhattan | last=Grant | first=Peter | work=The Wall Street Journal | date=24 September 2014 | url-access=subscription | archive-date=25 April 2016 |archive-url=https://web.archive.org/web/20160425163056/http://blogs.wsj.com/developments/2014/09/24/saks-deal-is-a-sign-of-new-luxury-era-in-downtown-manhattan-2/ | url-status=live}}{{Cite news |url=https://therealdeal.com/2014/09/24/hudsons-bay-consolidates-offices-at-brookfield-place/ | title=Hudson Bay Company Headquarters | work=The Real Deal |date=September 24, 2014 |archive-date=2017-10-06|archive-url=https://web.archive.org/web/20171006113836/https://therealdeal.com/2014/09/24/hudsons-bay-consolidates-offices-at-brookfield-place/|url-status=live}}{{Cite news | url=https://commercialobserver.com/2014/09/hbc-consolidates-space-and-signs-lease-at-brookfield-place/ |title=HBC Consolidates Space and Signs Lease at Brookfield Place | work=Observer Media |date=September 24, 2014 | url-access=subscription |archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109183707/https://commercialobserver.com/2014/09/hbc-consolidates-space-and-signs-lease-at-brookfield-place/|url-status=live}}
In July 2016, an investment fund sponsored by Brookfield Corporation acquired Rouse Properties, owner of 35 malls and retail centers in 21 states.{{Cite press release | url=https://www.businesswire.com/news/home/20160706005975/en/Brookfield-Completes-Acquisition-of-Rouse-Properties-Inc. | title=Brookfield Completes Acquisition of Rouse Properties, Inc. | publisher=Business Wire | date=July 6, 2016}}{{Cite news | url=https://www.costar.com/article/147513/brookfield-completes-28-billion-rouse-properties-acquisition | title=Brookfield Completes $2.8 Billion Rouse Properties Acquisition | first=Randyl | last=Drummer | work=CoStar Group | date=July 6, 2016 | url-access=subscription}}
Brookfield first acquired an interest in GGP Inc. in 2016. In August 2018, Brookfield acquired the remaining shares of GGP. Concurrent with the GGP deal, Brookfield acquired retail properties on Bleecker Street in Manhattan from New York REIT with plans to revitalize the properties by creating an incubator for online and emerging retailers, and hosting cultural events and art installations.{{Cite news | url=https://www.wsj.com/articles/brookfield-plans-retail-reboot-on-bleecker-street-1524402875 | title=Brookfield Plans Retail Reboot on Bleecker Street | last=Morris | first=Keiko | work=The Wall Street Journal |date=April 22, 2018 | url-access=subscription | issn=0099-9660| archive-date=2018-07-20 |archive-url=https://web.archive.org/web/20180720195051/https://www.wsj.com/articles/brookfield-plans-retail-reboot-on-bleecker-street-1524402875|url-status=live}}
In September 2020, the partnership, along with Simon Property Group, acquired the retail business of JCPenney.{{Cite news | url=https://www.bizjournals.com/washington/news/2020/09/10/jcpenny-retail-business-simon-property-brookfield.html | title=J.C. Penney to sell retail business to Simon Property Group and Brookfield Property Partners | first=Rebecca | last=Ayers | work=American City Business Journals | date=September 10, 2020 | url-access=subscription}} That month, during the COVID-19 pandemic, the partnership laid off 20% of its staff in its retail group, approximately 300 people.{{Cite news | url=https://www.wsj.com/articles/brookfield-cuts-staff-as-it-tries-to-steady-mall-portfolio-11601380800 | title=Brookfield Cuts Staff as It Tries to Steady Mall Portfolio | first=Esther | last=Fung | work=The Wall Street Journal | date=September 29, 2020 | url-access=subscription}}
=Limited partnership interests in investment funds sponsored by affiliates=
The partnership owns limited partnership interests in investment funds sponsored by affiliates that have investments in various commercial property sectors. These include funds in the Brookfield Strategic Real Estate Partners (BSREP) series. The partnership owns a 31% interest in BSREP I, a 26% interest in BSREP II, an 8% interest in BSREP III, and a 23% interest in BSREP IV. The company also committed $300 million to the Brookfield Fairfield U.S. Multifamily Value Add Fund.
Investments by affiliates of parent company, Brookfield Corporation
= Industrial property =
Between 2012 and 2014, an investment fund sponsored by Brookfield Corporation acquired Atlanta-based Industrial Developments International and London-based Gazeley, industrial-property companies focused on the US, UK, Europe and Asia. The companies were merged to form IDI Gazeley in May 2014.{{cite news | url=https://www.wsj.com/articles/brookfield-makes-a-play-for-industrial-sector-1401230933 | title=Brookfield Makes a Play for Industrial Sector |last=Slatin | first=Peter | work=The Wall Street Journal | date=27 May 2014 | url-access=subscription | archive-date=25 April 2016 | archive-url=https://web.archive.org/web/20160425154930/http://www.wsj.com/articles/brookfield-makes-a-play-for-industrial-sector-1401230933 |url-status=live}} The European arm was sold to GLP for €2.4 billion in October 2017.{{cite news | url=https://www.egi.co.uk/news/global-logistic-properties-announces-e2-4bn-gazeley-buy/ | title=Global Logistic Properties announces €2.4bn Gazeley buy | first=David | last=Hatcher | work=EGI | date=October 2, 2017}} The U.S. division was renamed IDI Logistics in January 2018 and remained as a portfolio company of Brookfield Corporation.{{Cite press release | url=https://www.prnewswire.com/news-releases/idi-gazeley-becomes-idi-logistics-300577095.html | title=IDI Gazeley Becomes IDI Logistics | publisher=PR Newswire | date=January 3, 2018}}
= Multifamily =
In 2010, Brookfield Corporation acquired 65% of Fairfield Residential LLC for $19 million, with the remaining interest owned by CalSTRS.{{Cite news | url=https://www.reuters.com/article/business/fairfield-reorganization-brookfield-sale-approved-idUSN06104445/ | title=Fairfield reorganization, Brookfield sale approved | first=Tom | last=Hals | work=Reuters | location=Wilmington, Delaware | date=July 7, 2010}} It acquired a portfolio of 4,892 units in North Carolina, South Carolina and Virginia from Babcock & Brown for $414 million in 2013.{{Cite press release | url=https://www.globenewswire.com/en/news-release/2013/02/11/1378210/0/en/Brookfield-Acquires-Quality-Portfolio-of-Apartment-Communities.html | title=Brookfield Acquires Quality Portfolio of Apartment Communities | publisher=PR Newswire | date=February 11, 2013}} In 2019, it owned 43,000 apartments and Brookfield sold its interest to CalSTRS.{{Cite news | url=https://therealdeal.com/miami/2019/05/14/calstrs-to-acquire-fairfield-residential-from-brookfield-report/ | title=CalSTRS to acquire Fairfield Residential from Brookfield: report | work=The Real Deal | date=May 14, 2019 | url-access=subscription}}{{Cite news | url=https://www.pionline.com/article/20190513/ONLINE/190519936/calstrs-inks-deal-to-buy-apartment-operator-fairfield-residential | title=CalSTRS inks deal to buy apartment operator Fairfield Residential | first=Arleen | last=Jacobius | work=Pensions & Investments | date=May 13, 201}}
In April 2015, an investment fund sponsored by Brookfield Corporation acquired Associated Estates Realty for $2.5 billion.{{Cite press release | url=https://www.prnewswire.com/news-releases/brookfield-affiliate-to-acquire-associated-estates-for-2875-per-share-in-cash-300070152.html | title=Brookfield Affiliate to Acquire Associated Estates for $28.75 per Share in Cash | publisher=PR Newswire | date=April 22, 2015}}{{Cite news | url=https://www.forbes.com/sites/antoinegara/2015/04/22/reit-activist-scores-win-in-associated-estates-2-5b-sale-to-brookfield/ |title=REIT Activist Scores Win In Associated Estates $2.5B Sale To Brookfield |last=Gara |first=Antoine |work=Forbes | date=April 22, 2015 | url-access=limited |archive-date=2018-01-01 |archive-url=https://web.archive.org/web/20180101030412/https://www.forbes.com/sites/antoinegara/2015/04/22/reit-activist-scores-win-in-associated-estates-2-5b-sale-to-brookfield/#105ecae33ade | url-status=live}}
In October 2015, the partnership acquired Greenpoint Landing, a residential development in Brooklyn.{{cite news | url=https://www.wsj.com/articles/brookfield-makes-big-bet-on-brooklyn-1445964778 | title=Brookfield Bets Big on Brooklyn | last1=Kusisto | first1=Laura | work=The Wall Street Journal | date=27 October 2015 | url-access=subscription | archive-date=25 April 2016|archive-url=https://web.archive.org/web/20160425153311/http://www.wsj.com/articles/brookfield-makes-big-bet-on-brooklyn-1445964778 | url-status=live}}
= Hospitality =
In 2011, an investment fund sponsored by Brookfield Corporation acquired Hard Rock Hotel & Casino in Las Vegas, which was sold to Virgin Hotels in 2018.{{Cite news | url=https://hospitality-on.com/en/finance/richard-branson-buys-hard-rock-hotel-casino-las-vegas | title=Richard Branson buys Hard Rock Hotel & Casino Las Vegas | work=Hospitality ON | date=April 4, 2018}}
In 2012, Brookfield Corporation, the lender on the properties, acquired Atlantis Paradise Island in the Bahamas.{{Cite news | url=https://www.reuters.com/article/business/kerzner-transfers-atlantis-resort-to-brookfield-idUSN1E7AS18S/ | title=Kerzner transfers Atlantis resort to Brookfield | first=Neil | last=Hartnell | work=Reuters | location=Nassau, The Bahamas | date=November 30, 2011}}{{cite news | url=https://www.bloomberg.com/news/articles/2012-04-27/kerzner-deal-hands-atlantis-bahamas-to-brookfield-palm-to-dubai |title=Kerzner Hands Atlantis Bahamas to Brookfield, Palm to Dubai | last=Jinks |first=Beth | work=Bloomberg News |date=27 April 2012 | url-access=subscription | archive-date=3 April 2016 |archive-url=https://web.archive.org/web/20160403224759/http://www.bloomberg.com/news/articles/2012-04-27/kerzner-deal-hands-atlantis-bahamas-to-brookfield-palm-to-dubai |url-status=live}}
In 2014, Brookfield Corporation acquired Thayer Lodging Group, one of the few private-equity firms that focuses on hotel investment.{{cite news | url=https://www.wsj.com/articles/SB10001424052702304422704579574193675052518 |last1=Karmin | first1=Craig |title=Brookfield to Expand Hotel-Industry Presence With Purchase of Thayer Lodging Group | work=The Wall Street Journal | date=20 May 2014 | url-access=subscription | archive-date=25 April 2016|archive-url=https://web.archive.org/web/20160425151657/http://www.wsj.com/articles/SB10001424052702304422704579574193675052518 |url-status=live}}{{Cite press release | url=https://www.prnewswire.com/news-releases/thayer-lodging-group-inc-announces-its-acquisition-by-brookfield-asset-management-260085271.html | title=Thayer Lodging Group, Inc., Announces its Acquisition by Brookfield Asset Management | publisher=PR Newswire | date=May 21, 2014}}
In 2015, an investment fund sponsored by Brookfield Corporation acquired Center Parcs UK, an operator of five short-break holiday villages in England, from affiliates of The Blackstone Group for £2.45 billion.{{cite news | url=https://www.bloomberg.com/news/articles/2015-06-02/brookfield-to-buy-center-parcs-from-blackstone-no-terms-given | last1=Gower | first1=Patrick | last2=Gopal | first2=Prashant | title=Brookfield Buying U.K. Center Parcs Resorts From Blackstone | work=Bloomberg News | date=2 June 2015 | url-access=subscription | archive-date=22 April 2016 | archive-url=https://web.archive.org/web/20160422061835/http://www.bloomberg.com/news/articles/2015-06-02/brookfield-to-buy-center-parcs-from-blackstone-no-terms-given| url-status=live}}{{Cite news | url=https://www.nytimes.com/2015/06/03/business/dealbook/brookfield-to-buy-center-parcs-uk-from-blackstone-group.html | title=Brookfield to Buy Center Parcs U.K. From Blackstone Group | first=Chad | last=Bray | work=The New York Times | date=June 2, 2015 | url-access=limited}}
= Triple-net-leased automotive dealerships =
In 2014, an investment fund sponsored by Brookfield Corporation acquired Capital Automotive and its portfolio of 450 triple-net-leased automotive dealerships in the U.S. for $4.3 billion.{{Cite news |url=https://www.autonews.com/article/20140829/RETAIL07/140829850/capital-automotive-sold-for-4-3-billion-source-says/ | title=Capital Automotive sold for $4.3 billion, source says | first=Jamie | last=LaReau | work=Automotive News | date=August 29, 2014 | url-access=subscription}} In 2022, it was sold to a fund managed by Ares Management.{{Cite press release | url=https://www.businesswire.com/news/home/20220216006214/en/Ares-Management-Corporation-Closes-3.8-Billion-Net-Lease-Acquisition-of-Capital-Automotive | title=Ares Management Corporation Closes $3.8 Billion Net Lease Acquisition of Capital Automotive | publisher=Business Wire | date=February 17, 2022}}
= Self-storage =
In 2016, an investment fund sponsored by Brookfield Corporation acquired Simply Self Storage, an owner/operator of 90 self-storage facilities in the U.S. totaling 6.8 million square feet, for $829 million.{{Cite news |url=http://www.insideselfstorage.com/news/2016/01/report-brookfield-asset-management-agrees-to-buy-simply-self-storage-for-830m.aspx | title=Report Brookfield Asset Management Agrees to Buy Simply Self Storage for $830M | work=Inside Self-Storage | date=January 8, 2016 |archive-date=2017-04-03 | archive-url=https://web.archive.org/web/20170403064510/http://www.insideselfstorage.com/news/2016/01/report-brookfield-asset-management-agrees-to-buy-simply-self-storage-for-830m.aspx | url-status=live}} It was sold to funds managed by The Blackstone Group in 2020 for $1.2 billion.{{Cite press release | url=https://www.blackstone.com/news/press/blackstone-real-estate-income-trust-to-acquire-simply-self-storage-for-approximately-1-2-billion/ | title=Blackstone Real Estate Income Trust to Acquire Simply Self Storage for Approximately $1.2 Billion | publisher=The Blackstone Group | date=26 October 2020}}
= Student housing =
In 2016, an investment fund sponsored by Brookfield Corporation acquired a portfolio of 13 student housing properties totaling 5,700 beds primarily in four university markets in the UK for a total purchase price of approximately £400 million.{{Cite news | url=https://www.propertyweek.com/news/brookfield-set-to-enter-student-housing-market-with-420m-deal | title=Brookfield set to enter student housing market with £420m deal | first=David | last=Parsley | work=Property Week | date=25 February 2016 | url-access=subscription | archive-date=2018-06-27 |archive-url=https://web.archive.org/web/20180627202626/https://www.propertyweek.com/news/brookfield-set-to-enter-student-housing-market-with-420m-deal/5079487.article | url-status=live}} It acquired 3 additional properties in February 2022 for £94 million.{{Cite press release | url=https://www.knightfrank.co.uk/blog/2022/02/24/knight-frank-brokers-brookfield-purchase-of-uk-student-housing-portfolio-from-ipim-glenmore-group | title=Knight Frank brokers Brookfield purchase of UK student housing portfolio from IPIM & Glenmore Group | publisher=Knight Frank | date=February 24, 2022}} In May 2022, the student housing division was sold by the fund to GIC and Greystar for £3.3 billion.{{Cite news | url=https://financialpost.com/real-estate/property-post/brookfield-to-sell-u-k-student-housing-business-valued-at-4-2-billion | title=Brookfield to sell U.K. student housing business valued at $4.2 billion | first=Dinesh | last=Nair | agency=Bloomberg News | date=May 30, 2022}}{{Cite news | url=https://www.theglobeandmail.com/business/article-brookfield-sells-uk-student-housing-company-student-roost-to/ | title=Brookfield sells British student-housing company Student Roost to institutional investors | first=David | last=Milstead | work=The Globe and Mail | date=May 30, 2022}}{{cite news | url=https://www.thestar.com/business/brookfield-asset-management-selling-u-k-student-housing-portfolio/article_becc6d39-85ce-51b7-ab23-032512f5d04f.html | title=Brookfield Asset Management selling U.K. student housing portfolio | agency=The Canadian Press | work=The Toronto Star | date=May 30, 2022}}
= Manufactured housing =
In 2017, an investment fund sponsored by Brookfield Corporation acquired a portfolio of 135 manufactured housing communities comprising 33,000 pads across 13 US states.{{Cite news | url=https://www.costar.com/article/147691/brookfield-asset-management-to-acquire-mhc-portfolio-for-2-billion |title=Brookfield Asset Management To Acquire MHC Portfolio for $2 Billion | first=Mark | last=Heschmeyer | work=CoStar Group | date=May 12, 2016 | url-access=subscription | archive-date=2017-04-20 | archive-url=https://web.archive.org/web/20170420185307/http://www.costar.com/News/Article/Brookfield-Asset-Management-To-Acquire-MHC-Portfolio-for-$2-Billion/182052|url-status=live}} By January 2024, when it owned 175 manufactured housing properties, it sold 19 properties for $325 million.{{Cite news | url=https://www.bisnow.com/national/news/multifamily/brookfield-asset-management-sells-slice-of-manufactured-housing-portfolio-for-325m-122355 | title=Brookfield Asset Management Sells Slice Of Its Manufactured Housing Portfolio For $325M | first=Dees | last=Stribling | work=Bisnow Media | date=January 10, 2024}}
References
{{Reflist}}
External links
- {{official website|https://bpy.brookfield.com/}}
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Category:2013 establishments in New York City
Category:2021 mergers and acquisitions
Category:American companies established in 2013
Category:Brookfield Corporation
Category:Brookfield Properties
Category:Commercial real estate companies
Category:Companies based in Manhattan
Category:Companies formerly listed on the New York Stock Exchange
Category:Companies formerly listed on the Nasdaq
Category:Companies formerly listed on the Toronto Stock Exchange
Category:Financial services companies established in 2013