Thursday, November 14, 2019

Brookfield Snaps Up JPMorgan’s U.S. Mall Stakes in Multi-Billion Deal

NREI
Brookfield Property Partners LP has boosted its bet on malls, adding exposure to a corner of the real estate market that some of the firm’s investment rivals are avoiding.

Brookfield recently bought JPMorgan Chase & Co.’s holdings in four U.S. shopping centers in which the firms were co-invested, said people familiar with the matter. New York State Teachers’ Retirement System also had a stake in two of the malls, one of the people said. In a simultaneous deal, JPMorgan and NYSTRS bought Brookfield’s stake in a fifth mall, the Bridgewater Commons in New Jersey.. . . more

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