Brookfield Property Partners

Last updated
Brookfield Property Partners L.P.
Company type Subsidiary [1]
ISIN BMG162491499
BMG162491564
BMG162491648  OOjs UI icon edit-ltr-progressive.svg
Industry Commercial property
FoundedJanuary 3, 2013;11 years ago (2013-01-03) [1]
Headquarters Hamilton, Bermuda [1]
Area served
United States, Canada, Australia, Europe, Brazil, and Asia [1]
Key people
Products Commercial property
RevenueIncrease2.svg US$9.483 billion (2023) [1]
Decrease2.svg -US$1.849 billion (2023) [1]
Total assets Increase2.svg US$131.577 billion (2023) [1]
Total equity Increase2.svg US$48.587 billion (2023) [1]
Number of employees
30,200, including affiliates [1]
Parent Brookfield Corporation
Subsidiaries Brookfield Properties (35.89% general partnership interest)
Website bpy.brookfield.com
Footnotes /references
[1] [2]

Brookfield Property Partners L.P., headquartered in Hamilton, Bermuda, owns office buildings and shopping centers / shopping malls as well as minority limited partner interests in investment funds sponsored by affiliates that invest in other types of commercial property. [1]

Contents

The partnership is a wholly-owned subsidiary of Brookfield Corporation; however, it has outstanding publicly-traded preferred stock. The partnership owns a 35.89% general partnership interest in Brookfield Properties; while a 63.46% beneficial interest in Brookfield Properties is owned by Brookfield Corporation. [1]

The partnership was formed in January 2013. In April 2013, Brookfield Corporation completed the corporate spin-off of the partnership. In August 2018, the partnership acquired the interests in GGP Inc. that it did not already own. In July 2021, the partnership once again became a wholly-owned subsidiary of Brookfield Corporation. [1]

In 2023, approximately 65% of the partnership's revenues were generated in the United States, while 35% of revenues originated from Canada, Australia, the United Kingdom, Europe, Brazil and Asia. [1]

History

Brookfield Corporation completed the corporate spin-off of Brookfield Property Partners in April 2013, with shares listed on the Toronto and New York Stock Exchanges. [3] [4] [5] [6]

In June 2014, the partnership acquired Brookfield Office Properties via a tender offer. [7] [8]

In December 2014, Qatar Investment Authority invested $1.8 billion into the partnership in the form of preferred equity securities. [9] [10]

In November 2015, Ric Clark became chairman and Brian Kingston became CEO. [11] [12]

In July 2021, the partnership was acquired by Brookfield Corporation. [13] [14] The transaction was intended to simplify the company's corporate structure and accounting. [15]

Investments

Office buildings

As of September 30, 2024, the partnership owned 72 million leasable square feet in 125 office buildings in markets such as New York, London, Dubai, Toronto, and Berlin. [2]

Notable properties owned by the partnership include Brookfield Place in New York and Bank of America Plaza in Los Angeles. [16] [17]

In 2013, the partnership bought a 22% interest in China Xintiandi, operator of a shopping, dining and entertainment complex in Xintiandi, Shanghai, from Shui On Land for $500 million. [18]

In late 2014, Brookfield acquired a portfolio of office parks in India. [19]

Following a $300 million renovation, in March 2015, the company opened Brookfield Place, a 375,000 square-foot retail space in New York City. [20]

In a joint venture with Qatar Investment Authority, the partnership acquired Canary Wharf Group in April 2015 via the acquisition of Songbird Estates Plc., which owned 69% of CWG, in a deal that valued Songbird at about £2.6 billion. [21] [22]

Also in April 2015, the company signed Skadden Arps to be the anchor tenant at One Manhattan West, a 2.1 million square-foot office tower in New York City. [23]

In October 2015, it sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority. [24]

In December 2015 and January 2016, Brookfield acquired seven office buildings in São Paulo and Rio de Janeiro, Brazil. [25]

Together with Korea Investment Corporation, the partnership acquired Potsdamer Platz in Berlin for $1.41 billion in January 2016. [26] [27]

In 2016, Brookfield, with a joint venture partner, Investment Corporation of Dubai, commenced construction in Dubai on ICD Brookfield Place, a 1.5 million square foot office and retail development in the Dubai International Financial Centre district. [28] [29]

In late 2016, Brookfield expanded into South Korea, acquiring the International Finance Center Seoul (IFC Seoul) with three high-rise office towers, a three-level retail mall, and a five-star Conrad Hotels. [30]

Retail

As of September 30, 2024, the partnership owned 106 million square feet of retail in 103 properties in the United States. [2]

In September 2014, Brookfield signed a lease with Hudson's Bay Company, owners of Saks Fifth Avenue department stores, at Brookfield Place, to open an 85,000 square foot store and occupy 400,000 square feet of office space in the building. [31] [32] [33]

In July 2016, an investment fund sponsored by Brookfield Corporation acquired Rouse Properties, owner of 35 malls and retail centers in 21 states. [34] [35]

Brookfield first acquired an interest in GGP Inc. in 2016. In August 2018, Brookfield acquired the remaining shares of GGP. Concurrent with the GGP deal, Brookfield acquired retail properties on Bleecker Street in Manhattan from New York REIT with plans to revitalize the properties by creating an incubator for online and emerging retailers, and hosting cultural events and art installations. [36]

In September 2020, the partnership, along with Simon Property Group, acquired the retail business of JCPenney. [37] That month, during the COVID-19 pandemic, the partnership laid off 20% of its staff in its retail group, approximately 300 people. [38]

Limited partnership interests in investment funds sponsored by affiliates

The partnership owns limited partnership interests in investment funds sponsored by affiliates that have investments in various commercial property sectors. [2] These include funds in the Brookfield Strategic Real Estate Partners (BSREP) series. [2] The partnership owns a 31% interest in BSREP I, a 26% interest in BSREP II, an 8% interest in BSREP III, and a 23% interest in BSREP IV. [2] The company also committed $300 million to the Brookfield Fairfield U.S. Multifamily Value Add Fund. [2]

Investments by affiliates of parent company, Brookfield Corporation

Industrial property

Between 2012 and 2014, an investment fund sponsored by Brookfield Corporation acquired Atlanta-based Industrial Developments International and London-based Gazeley, industrial-property companies focused on the US, UK, Europe and Asia. The companies were merged to form IDI Gazeley in May 2014. [39] The European arm was sold to GLP for €2.4 billion in October 2017. [40] The U.S. division was renamed IDI Logistics in January 2018 and remained as a portfolio company of Brookfield Corporation. [41]

Multifamily

In 2010, Brookfield Corporation acquired 65% of Fairfield Residential LLC for $19 million, with the remaining interest owned by CalSTRS. [42] It acquired a portfolio of 4,892 units in North Carolina, South Carolina and Virginia from Babcock & Brown for $414 million in 2013. [43] In 2019, it owned 43,000 apartments and Brookfield sold its interest to CalSTRS. [44] [45]

In April 2015, an investment fund sponsored by Brookfield Corporation acquired Associated Estates Realty for $2.5 billion. [46] [47]

In October 2015, the partnership acquired Greenpoint Landing, a residential development in Brooklyn. [48]

Hospitality

In 2011, an investment fund sponsored by Brookfield Corporation acquired Hard Rock Hotel & Casino in Las Vegas, which was sold to Virgin Hotels in 2018. [49]

In 2012, Brookfield Corporation, the lender on the properties, acquired Atlantis Paradise Island in the Bahamas. [50] [51]

In 2014, Brookfield Corporation acquired Thayer Lodging Group, one of the few private-equity firms that focuses on hotel investment. [52] [53]

In 2015, an investment fund sponsored by Brookfield Corporation acquired Center Parcs UK, an operator of five short-break holiday villages in England, from affiliates of The Blackstone Group for £2.45 billion. [54] [55]

Triple-net-leased automotive dealerships

In 2014, an investment fund sponsored by Brookfield Corporation acquired Capital Automotive and its portfolio of 450 triple-net-leased automotive dealerships in the U.S. for $4.3 billion. [56] In 2022, it was sold to a fund managed by Ares Management. [57]

Self-storage

In 2016, an investment fund sponsored by Brookfield Corporation acquired Simply Self Storage, an owner/operator of 90 self-storage facilities in the U.S. totaling 6.8 million square feet, for $829 million. [58] It was sold to funds managed by The Blackstone Group in 2020 for $1.2 billion. [59]

Student housing

In 2016, an investment fund sponsored by Brookfield Corporation 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. [60] It acquired 3 additional properties in February 2022 for £94 million. [61] In May 2022, the student housing division was sold by the fund to GIC and Greystar for £3.3 billion. [62] [63] [64]

Manufactured housing

In 2017, an investment fund sponsored by Brookfield Corporation acquired a portfolio of 135 manufactured housing communities comprising 33,000 pads across 13 US states. [65] By January 2024, when it owned 175 manufactured housing properties, it sold 19 properties for $325 million. [66]

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References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Brookfield Property Partners 2023 Annual Report" (PDF).
  2. 1 2 3 4 5 6 7 "Brookfield Property Partners Q3 2024 Interim Report" (PDF).
  3. ↑ Yu, Hui-yong (12 April 2013). "Brookfield Spinoff Plans to Expand Beyond Offices, Malls" . Bloomberg News . Archived from the original on 22 April 2016.
  4. ↑ "Brookfield Asset Management Completes Spin-Off of Brookfield Property Partners" (Press release). Globe Newswire. April 15, 2013.
  5. ↑ Delaporte, Gus (April 16, 2013). "Brookfield Property Partners Completes Spinoff from Brookfield Asset Management" . Observer Media .
  6. ↑ Raval, Anjli (11 March 2014). "Ric Clark takes Brookfield Property Group into new sectors and territories". Financial Times . Archived from the original on 9 November 2023.
  7. ↑ Carmiel, Oshrat; Levitt, David M. (1 October 2013). "Brookfield Property Offers to Acquire Brookfield Office" . Bloomberg News . Archived from the original on 22 April 2016.
  8. ↑ "Brookfield Property Partners Completes Acquisition of Brookfield Office Properties" (Press release). Marketwired. June 10, 2014 – via Yahoo! Finance.
  9. ↑ "Qatar Investment Authority ("QIA") to Make Strategic Investment in Brookfield Property Partners ("BPY")" (Press release). Marketwired. 5 December 2014 – via Yahoo! Finance.
  10. ↑ Bagli, Charles V.; Kelly, Kate (August 3, 2018). "Deal Gives Kushners Cash Infusion on 666 Fifth Avenue" . The New York Times .
  11. ↑ Levitt, David M. (November 5, 2015). "Brookfield Property Names Kingston CEO, Clark Becomes Chairman" . Bloomberg News . Archived from the original on 2020-03-19.
  12. ↑ "Brookfield Property Partners Reports Third Quarter 2015 Results" (Press release). Marketwired. November 5, 2015 – via Yahoo! Finance.
  13. ↑ "Brookfield Asset Management Completes Privatization of Brookfield Property Partners" (Press release). GlobeNewswire. July 26, 2021.
  14. ↑ "Brookfield Asset Management completes privatization of Brookfield Property Partners". Torys . July 26, 2021.
  15. ↑ Larsen, Keith (February 18, 2021). "Brookfield's internal affairs" . The Real Deal .
  16. ↑ "Huge Lease Extension Inked at Bank of America Plaza". Los Angeles Downtown News . April 9, 2015. Archived from the original on 2015-04-14.
  17. ↑ "Wall Street is awash in subleases—a bad sign for landlords" . Crain Communications . June 11, 2018.
  18. ↑ Fung, Esther (31 October 2013). "Brookfield Buys Stake in Prime Shanghai Property" . The Wall Street Journal . Archived from the original on 25 April 2016.
  19. ↑ Shah, Aditi (26 June 2016). "Factbox – Investors ready $1 billion war chest for office assets in India". Reuters . New Delhi. Archived from the original on 22 April 2016.
  20. ↑ Murray, Barbra (30 March 2015). "Downtown Manhattan's Brookfield Place Celebrates Grand Opening". Commercial Property Executive. Archived from the original on 23 September 2016.
  21. ↑ Patnaude, Art (March 3, 2015). "Brookfield, Qatar Fund Take Control of London's Canary Wharf" . The Wall Street Journal .
  22. ↑ Callanan, Neil (20 April 2015). "Qatar and Brookfield take full control of Canary Wharf" . Bloomberg News . Archived from the original on 27 April 2016.
  23. ↑ Levitt, David M. (14 April 2015). "Brookfield to Start Manhattan Tower After Signing Skadden" . Bloomberg News . Archived from the original on 22 April 2016.
  24. ↑ Sender, Henny (28 October 2015). "Qatar fund backs Brookfield's $8bn Manhattan West project". Financial Times . Archived from the original on 9 November 2023.
  25. ↑ Grant, Peter (5 May 2015). "Big Property Investors Hunt for Bargains in Brazil" . The Wall Street Journal . Archived from the original on 9 April 2016.
  26. ↑ Patnaude, Art (4 January 2016). "Brookfield Acquires Potsdamer Platz in Berlin for $1.4 Billion" . The Wall Street Journal . Archived from the original on 11 April 2016.
  27. ↑ Sender, Henny (4 January 2016). "Brookfield and KIC buy Berlin real estate". Financial Times . Archived from the original on 9 November 2023.
  28. ↑ Fattah, Zainab (20 January 2016). "Brookfield Plans $1 Billion Office Tower in Dubai Finance Center" . Bloomberg News . Archived from the original on 22 April 2016.
  29. ↑ Fahy, Michael (January 20, 2016). "Work begins on $1bn ICD Brookfield Place tower in DIFC" . The National . Archived from the original on 2017-04-28.
  30. ↑ "Brookfield and CIC Team Up For $2.7B Purchase of IFC Seoul". Mingtiandi. November 21, 2016. Archived from the original on 2017-04-27.
  31. ↑ Grant, Peter (24 September 2014). "Saks Deal Is A Sign of New Luxury Era in Downtown Manhattan" . The Wall Street Journal . Archived from the original on 25 April 2016.
  32. ↑ "Hudson Bay Company Headquarters". The Real Deal . September 24, 2014. Archived from the original on 2017-10-06.
  33. ↑ "HBC Consolidates Space and Signs Lease at Brookfield Place" . Observer Media . September 24, 2014. Archived from the original on 2023-11-09.
  34. ↑ "Brookfield Completes Acquisition of Rouse Properties, Inc" (Press release). Business Wire. July 6, 2016.
  35. ↑ Drummer, Randyl (July 6, 2016). "Brookfield Completes $2.8 Billion Rouse Properties Acquisition" . CoStar Group .
  36. ↑ Morris, Keiko (April 22, 2018). "Brookfield Plans Retail Reboot on Bleecker Street" . The Wall Street Journal . ISSN   0099-9660. Archived from the original on 2018-07-20.
  37. ↑ Ayers, Rebecca (September 10, 2020). "J.C. Penney to sell retail business to Simon Property Group and Brookfield Property Partners" . American City Business Journals .
  38. ↑ Fung, Esther (September 29, 2020). "Brookfield Cuts Staff as It Tries to Steady Mall Portfolio" . The Wall Street Journal .
  39. ↑ Slatin, Peter (27 May 2014). "Brookfield Makes a Play for Industrial Sector" . The Wall Street Journal . Archived from the original on 25 April 2016.
  40. ↑ Hatcher, David (October 2, 2017). "Global Logistic Properties announces €2.4bn Gazeley buy". EGI.
  41. ↑ "IDI Gazeley Becomes IDI Logistics" (Press release). PR Newswire. January 3, 2018.
  42. ↑ Hals, Tom (July 7, 2010). "Fairfield reorganization, Brookfield sale approved". Reuters . Wilmington, Delaware.
  43. ↑ "Brookfield Acquires Quality Portfolio of Apartment Communities" (Press release). PR Newswire. February 11, 2013.
  44. ↑ "CalSTRS to acquire Fairfield Residential from Brookfield: report" . The Real Deal . May 14, 2019.
  45. ↑ Jacobius, Arleen (May 13, 201). "CalSTRS inks deal to buy apartment operator Fairfield Residential". Pensions & Investments .
  46. ↑ "Brookfield Affiliate to Acquire Associated Estates for $28.75 per Share in Cash" (Press release). PR Newswire. April 22, 2015.
  47. ↑ Gara, Antoine (April 22, 2015). "REIT Activist Scores Win In Associated Estates $2.5B Sale To Brookfield" . Forbes. Archived from the original on 2018-01-01.
  48. ↑ Kusisto, Laura (27 October 2015). "Brookfield Bets Big on Brooklyn" . The Wall Street Journal . Archived from the original on 25 April 2016.
  49. ↑ "Richard Branson buys Hard Rock Hotel & Casino Las Vegas". Hospitality ON. April 4, 2018.
  50. ↑ Hartnell, Neil (November 30, 2011). "Kerzner transfers Atlantis resort to Brookfield". Reuters . Nassau, The Bahamas.
  51. ↑ Jinks, Beth (27 April 2012). "Kerzner Hands Atlantis Bahamas to Brookfield, Palm to Dubai" . Bloomberg News . Archived from the original on 3 April 2016.
  52. ↑ Karmin, Craig (20 May 2014). "Brookfield to Expand Hotel-Industry Presence With Purchase of Thayer Lodging Group" . The Wall Street Journal . Archived from the original on 25 April 2016.
  53. ↑ "Thayer Lodging Group, Inc., Announces its Acquisition by Brookfield Asset Management" (Press release). PR Newswire. May 21, 2014.
  54. ↑ Gower, Patrick; Gopal, Prashant (2 June 2015). "Brookfield Buying U.K. Center Parcs Resorts From Blackstone" . Bloomberg News . Archived from the original on 22 April 2016.
  55. ↑ Bray, Chad (June 2, 2015). "Brookfield to Buy Center Parcs U.K. From Blackstone Group" . The New York Times .
  56. ↑ LaReau, Jamie (August 29, 2014). "Capital Automotive sold for $4.3 billion, source says" . Automotive News .
  57. ↑ "Ares Management Corporation Closes $3.8 Billion Net Lease Acquisition of Capital Automotive" (Press release). Business Wire. February 17, 2022.
  58. ↑ "Report Brookfield Asset Management Agrees to Buy Simply Self Storage for $830M". Inside Self-Storage . January 8, 2016. Archived from the original on 2017-04-03.
  59. ↑ "Blackstone Real Estate Income Trust to Acquire Simply Self Storage for Approximately $1.2 Billion" (Press release). The Blackstone Group. 26 October 2020.
  60. ↑ Parsley, David (25 February 2016). "Brookfield set to enter student housing market with £420m deal" . Property Week . Archived from the original on 2018-06-27.
  61. ↑ "Knight Frank brokers Brookfield purchase of UK student housing portfolio from IPIM & Glenmore Group" (Press release). Knight Frank. February 24, 2022.
  62. ↑ Nair, Dinesh (May 30, 2022). "Brookfield to sell U.K. student housing business valued at $4.2 billion". Bloomberg News.
  63. ↑ Milstead, David (May 30, 2022). "Brookfield sells British student-housing company Student Roost to institutional investors". The Globe and Mail .
  64. ↑ "Brookfield Asset Management selling U.K. student housing portfolio". The Toronto Star . The Canadian Press. May 30, 2022.
  65. ↑ Heschmeyer, Mark (May 12, 2016). "Brookfield Asset Management To Acquire MHC Portfolio for $2 Billion" . CoStar Group . Archived from the original on 2017-04-20.
  66. ↑ Stribling, Dees (January 10, 2024). "Brookfield Asset Management Sells Slice Of Its Manufactured Housing Portfolio For $325M". Bisnow Media .
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