Brookfield lodges takeover bid for Rouse Properties

Global asset manager's offer values mall owner at nearly $1B

TRD New York /
Jan.January 19, 2016 01:22 PM

Brookfield Asset Management is lodging an unsolicited, all-cash bid for a majority interest in mall owner Rouse Properties.

The Toronto-based firm, which already owns around one-third of Bryant Park-based Rouse’s stock, is offering $17 a share for the rest of the company’s outstanding stock in a deal that would value the retail landlord at around $1 billion.

The $17-per-share bid is a 26 percent premium on Rouse’s Friday closing price, according to the Wall Street Journal, with Brookfield’s total offer valued at $657 million based on Rouse’s 58 million outstanding shares.

Rouse shares jumped 28 percent in wake of news of the bid, with the mall operator saying a special committee of company directors will review the offer “promptly.”

Brookfield has about $225 billion under management globally, including through subsidiary Brookfield Property Partners. Real estate investment trust Rouse owns a portfolio of 35 malls and retail centers across the country. [WSJ]Rey Mashayekhi


Related Articles

arrow_forward_ios
The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)

Brookfield scores $479M refi on Manhattan West resi tower

Brookfield CEO Brian Kingston and Garden State Plaza in New Jersey (Credit: Brookfield, Westfield Garden State)

Analysts still baffled by Brookfield’s big bet on malls

From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

Two Manhattan West and Brookfield Managing Partner Ben Brown

Brookfield seeks nearly $80M in tax breaks for 2 Manhattan West

CalSTRS will acquire Fairfield Residential and its nationwide portfolio

CalSTRS will acquire Fairfield Residential and its nationwide portfolio

VTS co-founder Nick Romito (Credit: iStock)

VTS raises $90M to join the ranks of unicorns

arrow_forward_ios
Loading...