Jump to content

Rouse Properties: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
→History: more detail on acquisition by brookfield
 
(9 intermediate revisions by 5 users not shown)
Line 1: Line 1:
{{Short description|Defunct real estate company from New York City}}
{{Short description|Defunct real estate company from New York City}}{{Not to be confused with|The Rouse Company}}{{Infobox company
{{Infobox company
| name = Rouse Properties
| name = Rouse Properties
| logo =
| logo =
Line 9: Line 8:
| parent = [[Brookfield Asset Management]]
| parent = [[Brookfield Asset Management]]
| fate = Acquired by [[Brookfield Asset Management]]
| fate = Acquired by [[Brookfield Asset Management]]
| successor = [[Brookfield Properties Retail Group]]
| successor = [[Brookfield Properties]]
| foundation = {{start date and age|2011}}
| foundation = {{start date and age|2011}}
| defunct = {{end date and age|2016|07|06}} (corporation)<br>{{end date and age|2018|08|28}} (brand)
| defunct = {{end date and age|2016|07|06}} (corporation)<br>{{end date and age|2018|08|28}} (brand)
Line 17: Line 16:


==History==
==History==
In 2011, [[General Growth Properties]] announced that it would [[corporate spin-off|spin off]] a portfolio of 30 shopping malls as a new company named Rouse Properties.<ref>{{cite news|title=GGP to transfer 30 malls to new Rouse Properties, Inc.|work=Baltimore Sun|first=Sara|last=Toth|date=August 3, 2011|url=https://www.baltimoresun.com/ph-ho-cf-ggp-0804-20110802-story.html|access-date=2021-11-13}}</ref><ref name=clabaugh>{{cite news|title=General Growth to bring back Rouse name with new spin off|work=Baltimore Business Journal|first==Jeff|last=Clabaugh|date=August 2, 2011|url=https://www.bizjournals.com/baltimore/news/2011/08/02/general-growth-to-spinoff-30-malls.html|access-date=2021-11-13}}</ref> The name was taken from the [[Rouse Company]], which GGP had acquired in 2004.<ref name=clabaugh /> 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.<ref>{{cite report|title=Information Statement|publisher=Rouse Properties|date=December 20, 2011|url=https://www.sec.gov/Archives/edgar/data/1528558/000104746911010146/a2206562zex-99_1.htm|via=EDGAR}}</ref><ref>{{cite news|title=General Growth to spin off weak malls|work=St. Louis Business Journal|author=Greta Weiderman|date=January 4, 2012|url=https://www.bizjournals.com/stlouis/news/2012/01/04/general-growth-to-spin-off-weak-malls.html|access-date=2021-11-13}}</ref> The spin-off was completed on January 12, 2012.<ref>{{cite news|title=Mall owner spins off 30 properties, retains Glenbrook Square|work=Greater Fort Wayne Business Weekly|first=Linda|last=Lipp|date=January 20, 2012|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F16F27B4EC5F9A9C0|via=NewsBank}}</ref>
In 2011, [[General Growth Properties]] announced that it would [[corporate spin-off|spin off]] a portfolio of 30 shopping malls as a new company named Rouse Properties.<ref>{{cite news|title=GGP to transfer 30 malls to new Rouse Properties, Inc.|work=Baltimore Sun|first=Sara|last=Toth|date=August 3, 2011|url=https://www.baltimoresun.com/ph-ho-cf-ggp-0804-20110802-story.html|access-date=2021-11-13}}</ref><ref name=clabaugh>{{cite news|title=General Growth to bring back Rouse name with new spin off|work=Baltimore Business Journal|first=Jeff|last=Clabaugh|date=August 2, 2011|url=https://www.bizjournals.com/baltimore/news/2011/08/02/general-growth-to-spinoff-30-malls.html|access-date=2021-11-13}}</ref> The name was taken from the [[Rouse Company]], which GGP had acquired in 2004.<ref name=clabaugh /> 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.<ref>{{cite report|title=Information Statement|publisher=Rouse Properties|date=December 20, 2011|url=https://www.sec.gov/Archives/edgar/data/1528558/000104746911010146/a2206562zex-99_1.htm|via=EDGAR}}</ref><ref>{{cite news|title=General Growth to spin off weak malls|work=St. Louis Business Journal|author=Greta Weiderman|date=January 4, 2012|url=https://www.bizjournals.com/stlouis/news/2012/01/04/general-growth-to-spin-off-weak-malls.html|access-date=2021-11-13}}</ref> The spin-off was completed on January 12, 2012.<ref>{{cite news|title=Mall owner spins off 30 properties, retains Glenbrook Square|work=Greater Fort Wayne Business Weekly|first=Linda|last=Lipp|date=January 20, 2012|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F16F27B4EC5F9A9C0|via=NewsBank}}</ref>


In February 2012, the company acquired [[Grand Traverse Mall]] for $66 million.<ref name="auto">{{cite news | url=https://www.mlive.com/business/west-michigan/index.ssf/2012/02/general_growth_properties_spin.html | title=General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million | first=Shandra | last=Martinez | work=[[Advance Publications]] | date=February 27, 2012}}</ref>
In February 2012, the company acquired [[Grand Traverse Mall]] for $66 million.<ref name="auto">{{cite news | url=https://www.mlive.com/business/west-michigan/index.ssf/2012/02/general_growth_properties_spin.html | title=General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million | first=Shandra | last=Martinez | work=[[Advance Publications]] | date=February 27, 2012}}</ref>
Line 29: Line 28:
In November 2015, the company acquired [[The Shoppes at Carlsbad]] in [[Carlsbad, California]].<ref>{{cite news | url=http://www.sandiegouniontribune.com/business/real-estate/sdut-westfield-carlsbad-sold-rouse-2015nov12-story.html | title=Westfield Carlsbad purchased for $170 million | first=Phillip | last=Molnar | work=[[San Diego Union Tribune]] | date=November 12, 2015}}</ref>
In November 2015, the company acquired [[The Shoppes at Carlsbad]] in [[Carlsbad, California]].<ref>{{cite news | url=http://www.sandiegouniontribune.com/business/real-estate/sdut-westfield-carlsbad-sold-rouse-2015nov12-story.html | title=Westfield Carlsbad purchased for $170 million | first=Phillip | last=Molnar | work=[[San Diego Union Tribune]] | date=November 12, 2015}}</ref>


In 2016, [[Brookfield Asset Management]], which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.<ref>{{cite news|title=Brookfield Asset Management offers all cash for Rouse Properties|work=Wall Street Journal|first=Ben|last=Dummett|date=January 19, 2016|url=https://www.wsj.com/articles/brookfield-asset-management-offers-all-cash-for-rouse-properties-1453219554|access-date=2021-11-13}}</ref><ref>{{cite news|title=Brookfield makes a $957m move on Rouse Properties in the US|work=Australian Financial Review|date=January 20, 2016|first1=Scott|last1=Deveau|first2=Oshrat|last2=Carmiel|url=https://www.afr.com/property/brookfield-makes-a-957m-move-on-rouse-properties-in-the-us-20160120-gma50c|access-date=2021-11-13}}</ref> A purchase agreement was eventually reached, valuing the company at $2.8 billion.<ref>{{cite news|title=Rouse Properties agrees to sweetened Brookfield offer|work=Reuters|date=February 25, 2016|url=https://www.reuters.com/article/us-rouse-m-a-brookfield-asset/rouse-properties-agrees-to-sweetened-brookfield-offer-idUSKCN0VY1NN|access-date=2021-11-13}}</ref> Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.<ref>{{cite news|title=Mall’s parent company merges with Brookfield in $2.8 billion deal|work=Times Record News|location=Wichita Falls, TX|date=July 7, 2016|url=https://archive.timesrecordnews.com/business/malls-parent-company-merges-with-brookfield-in-28-billion-deal-370f053f-bdb5-3e0f-e053-0100007f9377-385928131.html/|access-date=2021-11-13}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20160706005975/en/Brookfield-Completes-Acquisition-Rouse-Properties | title=Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT | publisher=[[Business Wire]] | date=July 6, 2016}}</ref>
In 2016, [[Brookfield Asset Management]], which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.<ref>{{cite news|title=Brookfield Asset Management offers all cash for Rouse Properties|work=Wall Street Journal|first=Ben|last=Dummett|date=January 19, 2016|url=https://www.wsj.com/articles/brookfield-asset-management-offers-all-cash-for-rouse-properties-1453219554|access-date=2021-11-13}}</ref><ref>{{cite news|title=Brookfield makes a $957m move on Rouse Properties in the US|work=Australian Financial Review|date=January 20, 2016|first1=Scott|last1=Deveau|first2=Oshrat|last2=Carmiel|url=https://www.afr.com/property/brookfield-makes-a-957m-move-on-rouse-properties-in-the-us-20160120-gma50c|access-date=2021-11-13}}</ref> A purchase agreement was eventually reached, valuing the company at $2.8 billion.<ref>{{cite news|title=Rouse Properties agrees to sweetened Brookfield offer|work=Reuters|date=February 25, 2016|url=https://www.reuters.com/article/us-rouse-m-a-brookfield-asset/rouse-properties-agrees-to-sweetened-brookfield-offer-idUSKCN0VY1NN|access-date=2021-11-13}}</ref> Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.<ref>{{cite news|title=Mall's parent company merges with Brookfield in $2.8 billion deal|work=Times Record News|location=Wichita Falls, TX|date=July 7, 2016|url=https://archive.timesrecordnews.com/business/malls-parent-company-merges-with-brookfield-in-28-billion-deal-370f053f-bdb5-3e0f-e053-0100007f9377-385928131.html/|access-date=2021-11-13}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20160706005975/en/Brookfield-Completes-Acquisition-Rouse-Properties | title=Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT | publisher=[[Business Wire]] | date=July 6, 2016}}</ref>


In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into [[Brookfield Properties Retail Group]].<ref>{{cite press release | url=https://globenewswire.com/news-release/2018/08/28/1557660/0/en/Brookfield-Property-Partners-L-P-Completes-Acquisition-of-GGP-Inc.html | title=Brookfield Property Partners L.P. Completes Acquisition of GGP Inc. | publisher=[[GlobeNewswire]] | date=August 28, 2018}}</ref>
In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into [[Brookfield Properties]].<ref>{{cite press release | url=https://globenewswire.com/news-release/2018/08/28/1557660/0/en/Brookfield-Property-Partners-L-P-Completes-Acquisition-of-GGP-Inc.html | title=Brookfield Property Partners L.P. Completes Acquisition of GGP Inc. | publisher=[[GlobeNewswire]] | date=August 28, 2018}}</ref>


== Properties ==
== Properties ==
Line 43: Line 42:
* [[Chesterfield Towne Center]] — [[Chesterfield, Virginia]]
* [[Chesterfield Towne Center]] — [[Chesterfield, Virginia]]
* [[Chula Vista Center]] — [[Chula Vista, California]]
* [[Chula Vista Center]] — [[Chula Vista, California]]
* [[Collin Creek Mall]] — [[Plano, Texas]] (sold to lender in 2014)
* Fig Garden Village — [[Fresno, California]]
* Fig Garden Village — [[Fresno, California]]
* [[Gateway Mall (Springfield, Oregon)|Gateway Mall]] — [[Springfield, Oregon]]
* [[Gateway Mall (Springfield, Oregon)|Gateway Mall]] — [[Springfield, Oregon]]
Line 77: Line 77:
{{reflist|1}}
{{reflist|1}}


[[Category:2011 establishments in New York (state)]]
[[Category:2011 establishments in New York City]]
[[Category:2016 mergers and acquisitions]]
[[Category:2016 mergers and acquisitions]]
[[Category:Companies established in 2011]]
[[Category:Real estate companies established in 2011]]
[[Category:Defunct real estate companies of the United States]]
[[Category:Defunct real estate companies of the United States]]
[[Category:Rouse family]]
[[Category:Real estate companies disestablished in 2018]]
[[Category:2018 disestablishments in Ontario]]

Latest revision as of 19:29, 23 July 2024

Not to be confused with The Rouse Company.
Rouse Properties
Company typeSubsidiary
IndustryReal estate investment trust
Founded2011; 13 years ago (2011)
DefunctJuly 6, 2016; 8 years ago (2016-07-06) (corporation)
August 28, 2018; 6 years ago (2018-08-28) (brand)
FateAcquired by Brookfield Asset Management
SuccessorBrookfield Properties
HeadquartersNew York City
ProductsShopping centers
ParentBrookfield Asset Management
Websiterouseproperties.com Edit this on Wikidata

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.

History

[edit]

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

[edit]

References

[edit]
  1. ^ Toth, Sara (August 3, 2011). "GGP to transfer 30 malls to new Rouse Properties, Inc". Baltimore Sun. Retrieved 2021-11-13.
  2. ^ a b 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. ^ a b 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.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Rouse_Properties&oldid=1236264945"