Brookfield to Spin Off Commercial Real Estate Company

May 30, 2012

On May 16, 2012, Brookfield Asset Management announced that it will spin off several of its commercial real estate units into Brookfield Property Partners, a new publically traded company.

On May 16, 2012, Brookfield Asset Management announced that it will spin off almost all of its current and future commercial property operations into Brookfield Property Partners, a new publically traded company.  Brookfield Asset Management is a Toronto-based firm, and manages worldwide property, infrastructure and financial assets with an approximate value of more than $150 billion.  Brookfield Property Partners will include stakes in Brookfield Office Properties (NYSE: BPO); General Growth Properties (NYSE: GGP); Canary Wharf Group; and directly held commercial properties in U.S., Europe, Australia and Brazil.  Brookfield Property Partners will have approximately $70 billion in assets under management.

Brookfield Asset Management has filed a registration statement with U.S. regulators and will list the new firm on both the New York and Toronto stock exchanges in the second half of 2012.  Brookfield Asset Management will own approximately 90% of the new company and shareholders will directly own approximately 10%.

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Investment Manager Strategic Investments, Transactions