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Wednesday, 07 November 2018

Brookfield Eyes Sale of 25 GGP Malls; Plans $1Bln Annual Spend for Mall Redevelopments

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Commercial Real Estate Direct Staff Report

Brookfield Property Partners plans to sell over the next two years up to 25 of the malls it assumed through its purchase of GGP Inc. in August.

The company, an affiliate of Toronto investment manager Brookfield Asset Management, expects to generate $2.5 billion from the sales, which would be used to pay down its indebtedness.

It separately would invest $800 million to $1 billion annually over the next few years redeveloping the remaining 100 former GGP malls.

Soon after buying GGP in August in a deal valued at $15 billion, Brookfield generated $4.2 billion by selling a 10 percent stake in the company and separately a stake in 35 properties.

Brookfield will convert most of the malls it keeps into mixed-use properties by adding office, residential or hotel components.

It's doing just that with its Ala Moana Center, a 2.2 million-square-foot shopping mall in Honolulu, where it's building 200...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Company: Brookfield Properties, General Growth Properties
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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