The Push For Blackstone Status: What Brookfield Has Bought And Sold In The Past 12 Months
Brookfield started off the year with a bang, with CEO Bruce Flatt putting private equity giants like Blackstone, KKR and Carlyle on notice in his push for PERE dominance. Here's Bisnow's breakdown of what the Canadian asset manager has been doing to compete with these private equity behemoths.
Seller: Rouse Properties
Price: $22B
Asset Type: Retail
Brookfield's unsolicited offer and subsequent buyout of this mall REIT earned the company Bisnow's February Deal of the Month. Rouse—which was spun off from retail REIT General Growth properties in 2012—accepted the takeover deal in February.
Seller: Savills Fund Management
Price: $1.4B
Asset Type: Mixed-use
Brookfield and its Asian JV partner bought out this German landmark without batting an eye in early 2016. The 2.9M SF mixed-use complex holds 17 buildings (office, retail, residential, leisure and hotel properties, home to more than 480 companies), as well as 10 streets and two squares in the center of Berlin.
Buyer: Qatar Investment Authority
Price: $8.6B
Asset Type: Mixed-use
Brookfield formed a JV with Qatar's sovereign wealth fund for its 7M SF Manhattan West development. The Qatari fund bought a 44% stake in the property in October.
Seller: Park Tower Group
Price: $106.3M
Asset Type: Multifamily
The Canadian asset manager made a foray into Brooklyn with this purchase of two land parcels from Park Tower Group on Oct. 19. The firm plans to put up two residential high-rises on the site, a 30-story, 365-unit building and a 40-story, 415-unit one.
Buyer: Lincoln Property
Price: $19.15M
Asset Type: Office
Lincoln Property bought up this 161k SF office park from Brookfield in September 2015. The five-building, 83% leased park includes tenants like Quest Diagnostics and H&R Block.
Buyer: AustralianSuper
Price: $349M
Asset Type: Office
AustralianSuper, a superannuation fund, bought a 49% stake in this seven-building office portfolio from Brookfield in June 2015. Brookfield will continue to manage the 96% occupied buildings as part of the JV.
Buyers: Redbrick, David Werner Real Estate
Price: $402M
Asset Type: Multifamily
Redbrick and David Werner Real Estate bought this 2,175-unit portfolio from Brookfield in May 2015. The deal included a mix of one-, two- and three-bedroom units in the Amberleigh, the Avant and the Edgemoore in Fairfax County, VA.
Seller: Associated Estates Stakeholders
Price: $1.66B
Asset Type: Multifamily REIT
Brookfield picked up this struggling REIT just months after manager Jonathan Litt launched his campaign to turn the real estate trust around—to no avail. The deal totals $2.5B in value when the REIT's debt is factored into the equation.
