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SCT

Brookfield to convert GGP malls to mixed-use ‘mini cities’

Brookfield Property Partners wants to redevelop 100 of the 125 malls in its recently acquired GGP portfolio into what it calls mixed-use “mini cities.”

Ala Moana, in Honolulu, is one of the flagship properties Brookfield acquired in its GGP transaction

Brookfield estimates that it will invest between $800 million and $1 billion annually over the next few years as it adds on office and residential space to the properties.

The firm will redevelop and sell the remaining 25 malls, said Brian Kingston, a senior managing partner and the CEO of Brookfield Property Group and Brookfield Property Partners, on an earnings call.

Since acquiring GGP for $14.8 billion, Brookfield has sold off about $4.2 billion worth of stakes in the firm to joint-venture partners and intends to sell $2.5 billion more over the next two years, Kingston says.

During the third quarter, leasing spreads were up by 11.6 percent in Brookfield's retail portfolio, while tenant sales per square foot were at $744, an increase of 5 percent over the year-ago comparable quarter. "The successful acquisition of GGP," Kingston said, "marks the culmination of a five-year effort to consolidate all of our real estate investments, giving us direct ownership of our assets and cash flows and increasing the flexibility of our balance sheet.”

By Brannon Boswell

Managing Editor/SCT

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