Jump to content

Brookfield Property Partners

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 79.76.184.47 (talk) at 20:02, 2 July 2017. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Brookfield Property Partners
Company typePublic company
NYSE: BPY
TSX: BPY.UN
ISINBMG162491499
BMG162491564
BMG162491648 Edit this on Wikidata
IndustryCommercial Real Estate
Founded2013
Headquarters
Hamilton
,
Bermuda[1]
Key people
Ric Clark, Chairman
Brian Kingston, CEO
RevenueIncrease US$5.5 billion[1] (2016)
Decrease US$2.7 billion[1] (2016)
Total assetsIncrease US$78 billion[1] (2016)
Number of employees
16,000[1] * Includes Brookfield Property Group employees and operating employees employed by affiliated and/or portfolio companies owned by Brookfield or Brookfield-sponsored funds.
ParentBrookfield Corporation Edit this on Wikidata
Websitewww.bpy.brookfield.com

Brookfield Property Partners (NYSE: BPY; TSX: BPY.UN) is a global company which owns, operates and invests in commercial property. The majority of the company’s assets are located in North America, Europe, and Australia. Brookfield Property Partners' presence is growing in China, Brazil and India.[2]

History

Brookfield Property Partners (BPY) was formed through a spin-off from Brookfield Asset Management in April, 2013.[3] On April 15, 2013 shares of BPY began trading on the Toronto and New York Stock Exchanges.[4] The new company formed by the spin-off consolidated in one place all of Brookfield’s commercial property assets. BPY also has an ownership interest in GGP Inc. (NYSE:GGP).[5]

During the 12-month period between October 2013 and October 2014 BPY surpassed one million square feet of leasing deals in London.[6]

In June 2014, BPY completed the acquisition of Brookfield Office Properties (BPO) through a tender offer.[7] On June 10, 2014 BPO was de-listed from the Toronto Stock Exchange; and ten days later it was removed from the New York Stock Exchange.[8][9]

Following a $300 million renovation, the company celebrated the grand opening of Brookfield Place, New York City’s 375,000 square-foot retail space, in March, 2015.[10]

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).[11]

Also in April, 2015 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.[12]

In October, 2015, BPY acquired a Brookfield residential development in Brooklyn called “Greenpoint Landing.” [13] BPY also sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority in October, 2015.[14]

Together with a joint venture partner, Korea Investment Corp., Brookfield Property Partners acquired Berlin’s Potsdamer Platz, in January, 2016, in a deal valued at $1.41 billion. 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. Over 480 international and German companies are headquartered there.[15][16]

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.[17]

Management

Brian Kingston is the CEO of Brookfield Property Partners and Ric Clark is the chairman of the company. In March, 2014, the Financial Times featured an article about Clark.[18]

Property types and markets

Brookfield Property Partners is a global, diversified commercial property ownder and operator, with assets spanning several real estate platforms: office, retail, industrial, multifamily, hospitality, triple net lease, self-storage, student housing and manufactured housing.[2][18] The company has also begun expansion into developing markets.

Office

Brookfield's core office portfolio features premier-quality properties totaling more than 99 million square feet in gateway cities around the globe, including New York, London, Toronto, Los Angeles, Houston, Sydney, Washington DC, and Berlin. Some of the company's properties include major urban landmark centers: Brookfield Place New York; Canary Wharf in London; Potsdamer Platz in Berlin; Brookfield Place Toronto; Bank of America Plaza in Los Angeles; Bankers Hall in Calgary; Darling Park in Sydney; and Brookfield Place Perth.[19]

US mall portfolio

Brookfield's Calss A mall portfolio-held primarily through its 34% interest in GGP-includes 127 best-in-class malls and urban retail properties totaling over 125 million square feet throughout the United States.[20] In 2016 Brookfield, along with institutional partners, acquired Rouse Properties for $18.25 per share. This portfolio of primarily class B malls includes 35 properties totaling over 24 million square feet.[21]

Luxury and landmark retail

Many of the large, mixed-use commercial complexes that Brookfield owns feature destination retail and restaurant collections, including: Brookfield Place in New York, Toronto and Perth; Canary Wharf in London; Potsdamer Platz in Berlin; Bank of America Plaza in Los Angeles; Bankers Hall in Calgary; and Darling Park in Sydney.[22] When BPY signed a lease with Hudson’s Bay, owners of Saks Fifth Avenue department stores, in September, 2014, it was seen as the beginning of a new luxury era in downtown Manhattan.[23][24][25]

Industrial property

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.[22][26]

Multifamily

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.[13] 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.[27] 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.[28]

Hospitality

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.[29] 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, [30] The Diplomat Resort & Spa in South Florida, and the Hard Rock Hotel & Casino in Las Vegas.[31][32]

Triple Net Lease

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.[33]

Self-storage

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.[34]

Student housing

In 2016 a Brookfield sponsored fund acquired a portfolio of 13 high-quality student housing properties totaling 5,700 beds primarily in four university markets in the UK for a total purchase price of approximately £400 million.[35]

Manufactured housing

In 2017 a Brookfield-sponsored fund acquired a portfolio of 135 manufactured housing communities comprising 33,000 pads across 13 US states.[36]

Developing markets

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.[37] In late 2014, Brookfield acquired a portfolio of office parks in India.[38]

In December 2015 and January 2016, Brookfield acquired seven office buildings in São Paulo and Rio de Janeiro, Brazil.[39] 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.[40] 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.[41]

References

  1. ^ a b c d e "2016 Annual Report" (PDF). Brookfield Property Partners LP. 2016. Retrieved 8 May 2017.
  2. ^ a b "The Company". Brookfield Property Partners. Retrieved 12 April 2016.
  3. ^ Yu, Hui-yong (12 April 2013). "Brookfield Spinoff Plans to Expand Beyond Offices, Malls". Retrieved 12 April 2016.
  4. ^ "Brookfield Asset Management Completes Spin-Off of Brookfield Property Partners". Yahoo Finance. 15 April 2013. Retrieved 12 April 2016.
  5. ^ "General Growth Properties Announces Corporate Name Change to GGP". Finance.Yahoo.com. 17 January 2017. Retrieved 9 May 2017.
  6. ^ Wallace, James (27 October 2014). "Brookfield Property surpasses one million sq ft of leasing deals in 12 months". CoStar. Retrieved 12 April 2016.
  7. ^ Carmiel, Oshrat; Levitt, David M. (1 October 2013). "Brookfield Property Offers to Acquire Brookfield Office". Bloomberg. Retrieved 12 April 2016.
  8. ^ "Brookfield Property Partners Completes Acquisition of Brookfield Office Properties". London: The News. Marketwired. 9 June 2014. Retrieved 12 April 2016.
  9. ^ "Brookfield Property Partners Completes Acquisition of Brookfield Office Properties". Brookfield Property Partners. 9 June 2014. Retrieved 12 April 2016.
  10. ^ Murray, Barbra (30 March 2015). "Downtown Manhattan's Brookfield Place Celebrates Grand Opening". Commercial Property Executive. Retrieved 12 April 2016.
  11. ^ Callanan, Neil (20 April 2015). "Qatar and Brookfield take full control of Canary Wharf". Business News Network. Retrieved 12 April 2016.
  12. ^ Levitt, David M. (14 April 2015). "Brookfield to Start Manhattan Tower After Signing Skadden". Bloomberg. Retrieved 12 April 2016.
  13. ^ a b KUSISTO, LAURA (27 October 2015). "Brookfield Bets Big on Brooklyn". Wall Street Journal. Retrieved 12 April 2016.
  14. ^ Sender, Henny (28 October 2015). "Qatar fund backs Brookfield's $8bn Manhattan West project". Financial Times. Retrieved 12 April 2016.
  15. ^ PATNAUDE, ART (4 January 2016). "Brookfield Acquires Potsdamer Platz in Berlin for $1.4 Billion". The Wall Street Journal. Retrieved 12 April 2016.
  16. ^ Sender, Henny (4 January 2016). "Brookfield and KIC buy Berlin real estate". Financial Times. Retrieved 12 April 2016.
  17. ^ Fattah, Zainab (20 January 2016). "Brookfield Plans $1 Billion Office Tower in Dubai Finance Center". Bloomberg. Retrieved 12 April 2016.
  18. ^ a b Raval, Anjli (10 March 2014). "Ric Clark takes Brookfield Property Group into new sectors and territories". Financial Times. Retrieved 12 April 2016.
  19. ^ "Sectors - Brookfield Asset Management". www.brookfield.com. Retrieved 2017-05-11.
  20. ^ "Brookfield ties up GGP consortium, reports $10 bln in gains - PE Hub". PE Hub. 2016-08-22. Retrieved 2017-05-11.
  21. ^ "Brookfield completes $2.8B acquisition of mall REIT Rouse Properties | Real Estate Weekly". Retrieved 2017-05-11.
  22. ^ a b "Brookfield Property Partners: Office". Brookfield Property Partners. Retrieved 12 April 2016.
  23. ^ Grant, Peter (24 September 2014). "Saks Deal Is A Sign of New Luxury Era in Downtown Manhattan". Wall Street Journal. Retrieved 12 April 2016.
  24. ^ Street, All rights reserved © 2017 The Real Deal is a registered Trademark of Korangy Publishing Inc 450 West 31st; York, New; 212-260-1332, NY 10001 Phone: (2014-09-24). "Hudson Bay Company Headquarters | Brookfield Place". The Real Deal New York. Retrieved 2017-05-09. {{cite web}}: |last3= has numeric name (help)CS1 maint: extra punctuation (link) CS1 maint: numeric names: authors list (link)
  25. ^ "HBC Consolidates Space and Signs Lease at Brookfield Place". Commercial Observer. 2014-09-24. Retrieved 2017-05-09.
  26. ^ Slatin, Peter (27 May 2014). "Brookfield Makes a Play for Industrial Sector". Wall Street Journal. Retrieved 12 April 2016.
  27. ^ "Brookfield Property Partners: Multifamily". Brookfield Property Partners. Retrieved 12 April 2016.
  28. ^ Gara, Antoine. "REIT Activist Scores Win In Associated Estates $2.5B Sale To Brookfield". Forbes. Retrieved 2017-05-09.
  29. ^ Karmin, Craig (20 May 2014). "Brookfield to Expand Hotel-Industry Presence With Purchase of Thayer Lodging Group". Wall Street Journal. Retrieved 12 April 2016.
  30. ^ Jinks, Beth (27 April 2012). "Kerzner Hands Atlantis Bahamas to Brookfield, Palm to Dubai". Bloomberg. Retrieved 12 April 2016.
  31. ^ "Brookfield Property Partners: Hospitality". Brookfield Property Partners. Retrieved 12 April 2016.
  32. ^ Gower, Patrick; Gopal, Prashant (2 June 2015). "Brookfield Buying U.K. Center Parcs Resorts From Blackstone". Bloomberg. Retrieved 12 April 2016.
  33. ^ "Capital Automotive Sells for $4.3 Billion - Dealer eProcess". Dealer eProcess. 2014-09-05. Retrieved 2017-05-09.
  34. ^ "Report Brookfield Asset Management Agrees to Buy Simply Self Storage for $830M". www.insideselfstorage.com. 2016-01-08. Retrieved 2017-05-11.
  35. ^ "CoStar UK - The Leader in Commercial Property Information". www.costar.co.uk. Retrieved 2017-05-11.
  36. ^ "Brookfield Asset Management To Acquire MHC Portfolio for $2 Billion - CoStar Group". www.costar.com. Retrieved 2017-05-11.
  37. ^ Fung, Esther (31 October 2013). "Brookfield Buys Stake in Prime Shanghai Property". Wall Street Journal. Retrieved 12 April 2016.
  38. ^ Shah, Aditi (26 June 2016). "Factbox - Investors ready $1 billion war chest for office assets in India". Reuters. Retrieved 12 April 2016.
  39. ^ Grant, Peter (5 May 2015). "Big Property Investors Hunt for Bargains in Brazil". Wall Street Journal. Retrieved 12 April 2016.
  40. ^ "Work begins on $1bn ICD Brookfield Place tower in DIFC | The National". Retrieved 2017-05-10.
  41. ^ "Brookfield and CIC Team Up For $2.7B Purchase of IFC Seoul". Mingtiandi. 2016-11-21. Retrieved 2017-05-10.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Brookfield_Property_Partners&oldid=788670779"