Brookfield Property Partners L.P. (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.
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History
Brookfield Property Partners (BPY) was formed through a spin-off from Brookfield Asset Management in April 2013. On April 15, 2013, shares of BPY began trading on the Toronto and New York Stock Exchanges. 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). During the 12-month period between October 2013 and October 2014, BPY surpassed one million square feet of leasing deals in London.
In June 2014, BPY completed the acquisition of Brookfield Office Properties (BPO) through a tender offer. On June 10, 2014, BPO was de-listed from the Toronto Stock Exchange; ten days later, it was removed from the New York Stock Exchange.
Following a $300 million renovation, the company opened Brookfield Place, New York City's 375,000 square-foot retail space, in March 2015.
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).
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.
In October 2015, BPY acquired a Brookfield residential development in Brooklyn called "Greenpoint Landing". BPY also sold a 44% interest in the $8 billion Manhattan West development in New York to the Qatar Investment Authority in October 2015.
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.
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.
Maps Brookfield Property Partners
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.
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. The company has also begun expansion into developing markets.
Office
Brookfield's core office portfolio features 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.
US mall portfolio
Brookfield's Class A mall portfolio-held primarily through its 34% interest in GGP-includes 127 malls and urban retail properties totaling over 125 million square feet throughout the United States. 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.
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. 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.
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.
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. 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. 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.
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. 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, The Diplomat Resort & Spa in South Florida, and the Hard Rock Hotel & Casino in Las Vegas.
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.
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.
Student housing
In 2016, a Brookfield sponsored fund 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.
Manufactured housing
In 2017, a Brookfield-sponsored fund acquired a portfolio of 135 manufactured housing communities comprising 33,000 pads across 13 US states.
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. In late 2014, Brookfield acquired a portfolio of office parks in India.
In December 2015 and January 2016, Brookfield acquired seven office buildings in São Paulo and Rio de Janeiro, Brazil. 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. 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.
References
External links
- Brookfield Property Partners
- Brookfield Place New York
Source of the article : Wikipedia
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