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
As widespread protests sweep the country, the real estate industry reflects on its decades-long support of the NYPD (Photo illustration by Alexis Manrodt for The Real Deal, Getty, iStock)

As Black Lives Matter protests rage on, NY real estate bleeds blue

As Black Lives Matter protests rage on, NY real estate bleeds blue
Mayor Bill de Blasio and Gov. Andrew Cuomo (Getty, Paul Dilakian)

Despite looting, NYC reopening on track: Cuomo

Despite looting, NYC reopening on track: Cuomo
666 Fifth Avenue and Brian Kingston (Google Maps, Brookfield)

Brookfield buys out another tenant at 666 Fifth

Brookfield buys out another tenant at 666 Fifth
Brookfield CEO Brian Kingston

Brookfield’s Brian Kingston on the firm’s mall strategy, $5B retail relief plan and response to George Floyd protests

Brookfield’s Brian Kingston on the firm’s mall strategy, $5B retail relief plan and response to George Floyd protests
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...