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Brookfield partners with CalPERS and CBRE on GGP acquisition

Developer sought to raise $4B in equity

685 Fifth Avenue, Ric Clark and Marcie Frost
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.

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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

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Brookfield Property PartnersCalpersCommercial Real EstateGeneral Growth Properties