This article contains content that is written like an advertisement .(May 2018) |
Company type | Public |
---|---|
ISIN | BMG162491077 [1] |
Industry | Commercial real estate |
Founded | 2013 |
Headquarters | Hamilton, Bermuda [2] |
Area served | Worldwide |
Key people | |
Revenue | US$62.752 Billion (Fiscal Year Ended December 31, 2020) [6] |
US$1.544 Billion (Fiscal Year Ended December 31, 2020) [6] | |
US$0.707 Billion (Fiscal Year Ended December 31, 2020) [6] | |
Total assets | US$343.696 Billion (Fiscal Year Ended December 31, 2020) [6] |
Total equity | US$112.642 Billion (Fiscal Year Ended December 31, 2020) [6] |
Number of employees | 19,000 [7] *Includes Brookfield Property Group employees and operating employees employed by affiliated and/or portfolio companies owned by Brookfield or Brookfield-sponsored funds. |
Parent | Brookfield Asset Management |
Subsidiaries | Brookfield Properties |
Website | bpy |
Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities. [8]
Brookfield Property Partners (BPY) was formed through a spin-off from Brookfield Asset Management in April 2013. [9] On April 15, 2013, shares of BPY began trading on the Toronto and New York Stock Exchanges. [10] The new company formed by the spin-off consolidated all of Brookfield's commercial property assets in one place. [11] Between October 2013 and October 2014, BPY surpassed one million square feet of leasing deals in London. [12]
In June 2014, BPY completed the acquisition of Brookfield Office Properties (BPO) through a tender offer. [13] On June 10, 2014, BPO was de-listed from the Toronto Stock Exchange; ten days later, it was removed from the New York Stock Exchange. [14] [15]
Following a $300 million renovation, the company opened Brookfield Place, New York City's 375,000 square-foot retail space, in March 2015. [16]
In a joint venture with Qatar Investment Authority, BPY completed the takeover of 100 percent of London's Canary Wharf Group (CWG) in April 2015. The deal acquired Songbird Estates Plc., which owned 69 percent of CWG, in a deal that valued Songbird at about 2.6 billion pounds ($3.9 billion US). [17]
That same month, the company signed the law firm Skadden Arps to be the anchor tenant in its 2.1 million square-foot office tower in New York City, One Manhattan West. [18]
In October 2015, BPY acquired a Brookfield residential development in Brooklyn called "Greenpoint Landing" [19] and sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority. [20]
Together with a joint venture partner, Korea Investment Corp., Brookfield Property Partners acquired Berlin's Potsdamer Platz in a deal valued at $1.41 billion in January 2016. The property is a major public square in central Berlin consisting of 17 buildings, 10 streets, and two squares covering over 2,900,000 square feet. The buildings are a mix of office, retail and residential space, including a hotel and leisure-use space. [21] [22]
Also in January 2016, Brookfield Property Partners, with a joint venture partner, Investment Corporation of Dubai, launched an office development project in Dubai, ICD Brookfield Place, in a deal valued at $1 billion. [23]
Brian Kingston is the CEO of Brookfield Property Partners, and Ric Clark is the chairman of the company. [24]
During 2023, Brookfield announced the publicly traded company would be taken private by Brookfield Corporation (Brookfield Asset Management Ltd). [25]
Brookfield Property Partners operates real estate in multiple sectors including office, retail, industrial, [26] hospitality, [27] self-storage, [28] student housing [29] and developing markets. [26]
Brookfield owns and operates office buildings in cities including New York, London, Toronto, Los Angeles, and Sydney. [26] Some of the company's properties include Brookfield Place in New York and Bank of America Plaza in Los Angeles. [30] [31]
Brookfield Property Partners operates retail properties in the U.S., Europe, Brazil and Asia.[ citation needed ] [32]
In 2014, Brookfield signed a lease with Hudson's Bay Company , owners of Saks Fifth Avenue department stores, in downtown Manhattan. [33] [34] [35]
In 2016, Brookfield acquired Rouse Properties, taking over 35 malls and retail centers in 21 states. [36]
Brookfield first acquired an interest in GGP Inc. in 2016. In August 2018, Brookfield acquired the remaining shares of GGP. [37]
Concurrent with the GGP deal, Brookfield acquired retail properties on Bleecker St. in Manhattan from New York REIT Inc. with plans to revitalize the area. The company's plans included creating an incubator for online and emerging retailers, and hosting cultural events and art installations within the storefront spaces. [37]
In 2012, Brookfield entered the industrial-property sector. Between 2012 and 2014, BPY purchased Atlanta-based Industrial Developments International and London-based Gazeley Ltd, industrial-property companies focused on the US, UK, Europe and Asia. The companies were subsequently merged and now operate as a single entity, IDI Gazeley. [38]
Between 2010 and 2015, BPY went from owning virtually zero apartment units to the acquisition of 42,000. The company began developing this market when it bought a 65 percent share in the Fairfield Residential Company. [19] Together with Fairfield, BPY launched the Brookfield Fairfield U.S. Multifamily Value Add Fund, which is pursuing investment opportunities to acquire undervalued or underperforming multifamily apartment properties in infill or supply-constrained locations suitable for renovation, repositioning and operational turnaround. [39] In 2015, a Brookfield-sponsored fund acquired Associated Estates Realty Corp. for $2.5 billion, adding to its multifamily portfolio 15,000 units across 10 U.S. states. [40]
In 2014, the company expanded into the hospitality-property market with the acquisition of Thayer Lodging Group, one of the few private-equity firms that focuses on hotel investment. [27] In 2015, a Brookfield-sponsored fund acquired Center Parcs UK, an operator of five short-break holiday villages in England, for £2.45 billion. Additionally, Brookfield is invested in other hotels including the Atlantis Paradise Island in the Bahamas, [41] The Diplomat Resort & Spa in South Florida, and the Hard Rock Hotel & Casino in Las Vegas. [42] [43]
In 2014, a Brookfield-sponsored fund acquired Capital Automotive and its portfolio of 450 triple-net-leased automotive dealerships across the U.S. for $4.3 billion. [44]
In 2016, a Brookfield-sponsored fund acquired Simply Self Storage, an owner/operator of 90 self-storage facilities in the US totaling 6.8 million square feet, for $829 million. Through further acquisitions, Brookfield has doubled the size of its self-storage portfolio to 175 facilities totaling approximately 14 million square feet. [28]
In 2016, a Brookfield sponsored fund acquired a portfolio of 13 student housing properties totaling 5,700 beds primarily in four university markets in the UK for a total purchase price of approximately £400 million. [45]
In 2017, a Brookfield-sponsored fund acquired a portfolio of 135 manufactured housing communities comprising 33,000 pads across 13 US states. [46]
In recent years, Brookfield has been expanding into developing markets. In 2013, the company bought a stake in prime Shanghai Property from Shui On Land in the district of Xintiandi for $500 million. [47] In late 2014, Brookfield acquired a portfolio of office parks in India. [48]
In December 2015 and January 2016, Brookfield acquired seven office buildings in São Paulo and Rio de Janeiro, Brazil. [49] In 2016 Brookfield commenced construction in Dubai on ICD Brookfield Place, a 1.5 million square foot office and retail development located in the Dubai International Financial Centre district. [50] In late 2016 Brookfield expanded into South Korea, when it acquired the International Finance Centre Seoul (IFC Seoul) featuring three high-rise office towers, a three-level retail mall, and a five-star Conrad hotel. [51]
Brookfield Corporation is a Canadian multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It focuses on direct control investments in real estate, renewable power, infrastructure, credit and private equity. The company invests in distressed securities through Oaktree Capital, which it bought in 2019. Brookfield's headquarters are in Toronto.
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the asset management of the company's real estate portfolio, including office, multi-family residential, retail, hospitality, and logistics buildings. Brookfield Properties acquired General Growth Properties, one of the largest mall operators in the U.S., and merged it into Brookfield Properties in 2018.
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa, in 1954, and was headquartered in Chicago, Illinois, from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
1 New York Plaza is an office building in the Financial District of Manhattan in New York City, at the intersection of South and Whitehall Streets near South Ferry. The building, measuring 640 feet (200 m) tall with 50 floors, is the southernmost skyscraper in Lower Manhattan. It was designed by William Lescaze & Assocs. and Kahn & Jacobs, and developed by Sol Atlas and John P. McGrath.
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties as of 2021.
Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
CVC Capital Partners is a Luxembourg-based private equity and investment advisory firm with approximately €186 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European, and Asian private equity, secondaries, credit funds and infrastructure. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 850 employees working across its network of 25 offices throughout EMEA, Asia and the Americas.
Patron Capital Partners ("Patron") is a European private equity real estate fund with its main investment advisor, Patron Capital Advisers LLP based in London, United Kingdom. Patron Capital Partners represents approximately €4.0 billion of equity across several funds and related co-investments.
Thor Equities is a real estate development, leasing and management firm, with headquarters in New York City, London and Mexico City. Thor Equities owns property in the United States, Canada, Europe, Russia, India and Latin America, including London's historic Burlington Arcade and the Palmer House Hilton. In New York City, Thor owns retail, office and residential properties on Fifth Avenue and Madison Avenue as well as in SoHo, Flatiron, the Meatpacking District, and Brooklyn including Coney Island. Thor also has investments in major U.S. cities including San Francisco's Union Square; Georgetown in Washington, D.C.; Robertson Boulevard in West Hollywood; Collins Avenue; Lincoln Road; Wynwood and the Design District in Miami. Thor offers investment vehicles for institutional investors through its Thor Urban Property Funds. Thor Equities also has several subsidiary companies including retail advisory and tenant representation firm Thor Retail Advisors.
Newmark Group Inc. is a commercial real estate advisory and services firm headquartered in New York City. It operates as Newmark, and is listed on the NASDAQ Global Select Market under the symbol "NMRK".
Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
Brookfield Renewable Partners L.P. is a publicly traded limited partnership that owns and operates renewable power assets, with corporate headquarters in Toronto, Ontario, Canada. It is 60% owned by Brookfield Asset Management.
Rouse Properties was a real estate investment trust headquartered in New York City. The company owned 35 shopping malls in 22 states encompassing approximately 24.5 million square feet of retail space.
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.
CIM Group invests in commercial property on behalf of large institutions such as pensions. As of December 31, 2020, the company owned $29.2 billion worth of commercial property.
One Manhattan West is a 67-story office skyscraper at 395 Ninth Avenue in the Manhattan West development on the West Side of Manhattan in New York City, United States. Designed by Skidmore, Owings & Merrill (SOM), it was completed in 2019 and is the second tower to be completed in the development after 3 Manhattan West. The tower is rectangular in plan, with a curtain wall that contains insulated glazing, as well as a reinforced-concrete mechanical core. Because One Manhattan West partially overhangs a set of railroad tracks, the mechanical core carries most of the building's structural loads.
H&R Real Estate Investment Trust is a Canadian open-ended real estate investment trust, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization. H&R's portfolio operating mostly through its Primaris subsidiary includes 40 office properties, 161 retail properties, and 105 industrial properties and 11 other properties, with a total value of $13 billion. It is listed on the Toronto Stock Exchange.
Investment Corporation of Dubai is the principal investment arm of the Government of Dubai focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities. Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments. In 2022, ICD reported assets worth $320 billion and revenue of $73 billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including oil and gas, transportation, banking, and financial services.
{{cite web}}
: CS1 maint: bot: original URL status unknown (link) CS1 maint: multiple names: authors list (link)