Brookfield partners with CalPERS and CBRE on GGP acquisition

Developer sought to raise $4B in equity

TRD New York /
Apr.April 18, 2018 03:00 PM

685 Fifth Avenue, Ric Clark and Marcie Frost

Brookfield Property Partners brought on some big-name partners to help fund its acquisition of General Growth Properties. A CBRE subsidiary, the California Public Employee Retirement System and the TIAA affiliate TH Real Estate agreed to invest in certain GGP properties, Bloomberg reported.

Brookfield announced in March that it agreed to buy the 66 percent it doesn’t already own of the mall-focused real estate investment trust for about $15 billion. At the time, the company said it wanted to raise $4 billion from joint venture partners to fund the deal.

It wasn’t immediately clear which properties Brookfield’s partners plan to invest in. GGP owns stakes in several Manhattan retail properties, including 685 Fifth Avenue. [Bloomberg] — Konrad Putzier


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

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

Brookfield drops $83M on Hell’s Kitchen hotel

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

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

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios