With $23 billion worth of transactions this year, Brookfield Asset Management is the top real estate dealmaker in North America.
The Toronto-based firm has surpassed the Blackstone Group in terms of total value of real estate transactions this year, Bloomberg reported. A significant chunk of this value is coming from its purchase of a 66 percent stake in the second-largest mall owner in the U.S., General Growth Properties. Brookfield is expected to close on the $15 billion deal on Tuesday.
Brookfield’s purchase of the remaining interest in GGP comes at a time when retail is struggling.
“We look for places where people are running away from,” said Brian Kingston, chief executive of Brookfield Property Partners. “Ultimately we’re value investors. So that means many times it leads you to being contrarian.”
The company just sold a 49 percent in three malls formerly owned by GGP to CBRE Global Investors. The deal values the malls at more than $1 billion, the Wall Street Journal reported. Brookfield has said that it will look for joint-venture partners in redeveloping GGP’s 125 property-portfolio.
In July, Brookfield agreed to buy Forest City Realty Trust for $6.8 billion. And this month, the firm secured an option to buy the land under 666 Fifth Avenue from Kushner Companies as part of a deal to lease the office tower for 99 years. [Bloomberg] — Kathryn Brenzel