Rouse Properties

Last updated
Rouse Properties
TypeSubsidiary
Industry Real estate investment trust
Founded2011;11 years ago (2011)
DefunctJuly 6, 2016;6 years ago (2016-07-06) (corporation)
August 28, 2018;4 years ago (2018-08-28) (brand)
FateAcquired by Brookfield Asset Management
Successor Brookfield Properties
Headquarters New York City
Products Shopping centers
Parent Brookfield Asset Management
Website rouseproperties.com   OOjs UI icon edit-ltr-progressive.svg

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.

Contents

History

In 2011, General Growth Properties announced that it would spin off a portfolio of 30 shopping malls as a new company named Rouse Properties. [1] [2] The name was taken from the Rouse Company, which GGP had acquired in 2004. [2] The portfolio comprised most of GGP's Class B shopping centers (malls located in smaller cities, and second-tier malls in larger cities), allowing GGP to focus on its higher-performing properties. [3] [4] The spin-off was completed on January 12, 2012. [5]

In February 2012, the company acquired Grand Traverse Mall for $66 million. [6]

In January 2013, the company acquired The Mall at Turtle Creek in Jonesboro, Arkansas for $96 million. [6]

In May 2014, the company began a $40 million renovation of NewPark Mall in Newark, California. [7]

In March 2015, the company defaulted a loan secured by Vista Ridge Mall in Lewisville, Texas. [8]

In November 2015, the company acquired The Shoppes at Carlsbad in Carlsbad, California. [9]

In 2016, Brookfield Asset Management, which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company. [10] [11] A purchase agreement was eventually reached, valuing the company at $2.8 billion. [12] Brookfield's acquisition of Rouse Properties was completed on July 6, 2016. [13] [14]

In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into Brookfield Properties. [15]

Properties

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References

  1. ↑ Toth, Sara (August 3, 2011). "GGP to transfer 30 malls to new Rouse Properties, Inc". Baltimore Sun. Retrieved 2021-11-13.
  2. 1 2 Clabaugh, Jeff (August 2, 2011). "General Growth to bring back Rouse name with new spin off". Baltimore Business Journal. Retrieved 2021-11-13.
  3. ↑ Information Statement (Report). Rouse Properties. December 20, 2011 – via EDGAR.
  4. ↑ Greta Weiderman (January 4, 2012). "General Growth to spin off weak malls". St. Louis Business Journal. Retrieved 2021-11-13.
  5. ↑ Lipp, Linda (January 20, 2012). "Mall owner spins off 30 properties, retains Glenbrook Square". Greater Fort Wayne Business Weekly– via NewsBank.
  6. 1 2 Martinez, Shandra (February 27, 2012). "General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million". Advance Publications .
  7. ↑ "Jonesboro's Turtle Creek Mall sells for $96M". Associated Press. January 3, 2013.
  8. ↑ Carlisle, Candace (March 18, 2015). "Vista Ridge Mall owner looks to walk away and list it for foreclosure". American City Business Journals .
  9. ↑ Molnar, Phillip (November 12, 2015). "Westfield Carlsbad purchased for $170 million". San Diego Union Tribune .
  10. ↑ Dummett, Ben (January 19, 2016). "Brookfield Asset Management offers all cash for Rouse Properties". Wall Street Journal. Retrieved 2021-11-13.
  11. ↑ Deveau, Scott; Carmiel, Oshrat (January 20, 2016). "Brookfield makes a $957m move on Rouse Properties in the US". Australian Financial Review. Retrieved 2021-11-13.
  12. ↑ "Rouse Properties agrees to sweetened Brookfield offer". Reuters. February 25, 2016. Retrieved 2021-11-13.
  13. ↑ "Mall's parent company merges with Brookfield in $2.8 billion deal". Times Record News. Wichita Falls, TX. July 7, 2016. Retrieved 2021-11-13.
  14. ↑ "Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT" (Press release). Business Wire. July 6, 2016.
  15. ↑ "Brookfield Property Partners L.P. Completes Acquisition of GGP Inc" (Press release). GlobeNewswire. August 28, 2018.
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