Brookfield Asset Management related stories
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AMERICAS NEWS: Retail warsAn unsolicited bid to buy bankrupt REIT General Growth Properties for $10bn by rival mall operator Simon Properties could prompt a bidding war, possibly including Brookfield and Blackstone. PERE March 2010 issue
- Simon bows out of GGP bid
The US REIT has withdrawn its acquisition and recapitalisation proposals for bankrupt mall REIT General Growth Properties, alleging the firm ‘hastily’ decided to transfer hundreds of millions of dollars of value to the Brookfield-led consortium plan.
- Brookfield ups stake in Songbird
Brookfield Asset Management has increased its stake in Songbird Estates, the majority-owner of London’s Canary Wharf, after buying shares from Canadian pension fund, Ontario Teachers.
- Brookfield brands Simon’s plan for GGP ‘absurd’
Brookfield chief executive officer Bruce Flatt called the cost of warrants his firm would receive from bankrupt REIT General Growth ‘irrelevant’ and ‘meaningless.’ GGP will reportedly decide Thursday whether to postpone a key bankruptcy hearing to debate the offers after Simon submitted a new bid.
- RREEF, ING Clarion co-invest in Simon’s revised GGP bid
RREEF and ING Clarion’s real estate securities arm have backed Simon Property Group’s revised recapitalisation plan for bankrupt REIT General Growth Properties.
- GGP anticipates better offer from Brookfield
Bankrupt REIT General Growth Properties is reportedly expecting Brookfield Asset Management to come up with a better recapitalisation plan for the US mall owner, after Simon Property Group introduced a rival offer with more ‘favourable’ terms.
- A$67bn Future Fund RE allocation rises 3% in a year
A focus on alternative assets by Australia’s A$67bn Future Fund led to an increase in real estate exposure from 1% to 4% in the year to March 31 2010. The state wealth fund also increased its exposure to infrastructure investments.
- Texas Teachers to invest $500m in GGP
The bankrupt mall REIT expects to exit Chapter 11 in October after agreeing a $8.55bn recapitalisation plan with Brookfield, Pershing Square and Fairholme Capital - and an additional $500m from Texas TRS.
- Brookfield to use GGP as primary mall platform
In revising its offer to recapitalise the bankrupt US REIT, Brookfield said it would use General Growth to pursue US regional mall opportunities. GGP questioned rival offer from Simon Property, owing to 'uncertain future intentions'.
- Penn Square FoFs invests in $5.5bn Brookfield consortium
The Radnor, Pennsylvania-based firm has closed its second fund of funds on $145m. With consultant Townsend acting as investment adviser, the fund has committed capital to Brookfield’s mega pledge fund.