Brookfield Property Partners

#1529

Rank

$10.05B

MarketCap BM

BM Bermuda

Country

Summary
Brookfield Property Partners, through Brookfield Property Partners L.P. and its subsidiary Brookfield Property REIT Inc., is one of the world's premier real estate companies, with approximately $88 billion in total assets. We own and operate iconic properties in the world's major markets, and our global portfolio includes office, retail, multifamily, logistics, hospitality, self-storage, triple net lease, manufactured housing and student housing. Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management Inc., a leading global alternative asset manager with over $540 billion in assets under management. More information is available at www.brookfield.com. As of July 26, 2021, Brookfield Property Partners L.P. operates as a subsidiary of Brookfield Asset Management Inc.

History

The company's roots go back to the early 1900s in Montreal, Quebec. It was known then as the Canadian Arena Company and operated the Montreal Arena. In a partnership with Toronto investors, it built the Arena Gardens in Toronto. In the 1920s, it built the Montreal Forum to house the Montreal Maroons and Montreal Canadiens National Hockey League franchises; from 1935 to 1957, the company also owned the Canadiens. The company was acquired by Edper Investments in 1970. During the 1970s, when the company was known as Carena Properties, it expanded its business into commercial real estate. After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties.

In 1989, Carena acquired a 33% interest in Olympia & York Developments Ltd., developers of the World Financial Center in New York, and in 1990, Brookfield acquired a 50% interest in a portfolio of office properties in Toronto, Denver and Minneapolis from BCE Development Corporation. In 1994, this holding was increased to 100% and included BCE Place, now Brookfield Place, Brookfield Properties' flagship office complex in Toronto.In 1996, Carena acquired a 46% interest in World Financial Properties, a corporation formed from the bankruptcy of Olympia & York, which included three of the four towers of the World Financial Center, One Liberty Plaza, 245 Park Avenue in Manhattan. That year, Carena changed its name to Brookfield Properties Corporation.In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto.

2000s

In 2000, Brookfield Properties acquired a portfolio of Calgary office properties, including the Bankers Hall complex.In April 2001, the company lost out to Silverstein Properties, Inc., on the lease of the World Trade Center in New York City before the complex was destroyed during the September 11 attacks.In 2003, Brookfield Properties completed the spin-off of Brookfield Homes, now part of Brookfield Residential, Brookfield Asset Management's U.S.-based home building business.In 2005, Brookfield Properties acquired a 25% interest in O&Y Properties Corporation and O&Y Real Estate Investment Trust, expanding the company's real estate portfolio in four Canadian cities.In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf, builder of Place Ville Marie.

2010s

In 2010, it entered into London and Australian markets by acquiring the 100 Bishopsgate development site in the City of London and 16 properties encompassing 8 million SF in three major Australian cities.On Earth Day on April 22, 2010, the company was listed as one of Canada's "The Green 30" Organizations Based On Eco-Friendly Programs and Practices based on an employee poll.In 2011, Brookfield Properties divested its residential group consisting of Carma Developers and Brookfield Homes Ltd. to merge with Brookfield Homes Corporation to form Brookfield Residential Properties Inc. That same year, Brookfield Properties changed its name to Brookfield Office Properties to reflect its focus on commercial office properties.In 2013, Brookfield Office Properties Inc. became the largest office landlord in Los Angeles after acquiring MPG Office Trust Inc.'s downtown portfolio. MPG had been one of Southern California's most prominent real estate developers and a longtime L.A. office tower owner. The MPG buildings they acquired include the Gas Company Tower, 777 Tower and the Wells Fargo Center on Bunker Hill.In June 2014, Brookfield Property Partners completed their acquisition of Brookfield Office Properties . BPO common shares were de-listed from the Toronto Stock Exchange as of June 10, 2014, and from the New York Stock Exchange on June 20, 2014. Brookfield Property Partners is now the sole owner of all of the issued and outstanding common shares of BPO.On August 28, 2018, Brookfield Property Partners acquired Chicago-based real estate investment trust and shopping mall operator GGP Inc. , and merged its assets into Brookfield Properties, for $9 billion. Brookfield immediately sold a 49% interest in each of three former GGP super-regional malls to CBRE Group, and a 49% interest in three other former GGP malls to TIAA subsidiary Nuveen, seeking additional joint ventures for its newly acquired malls. The acquisition added 162 shopping malls comprising approximately 146 million sq ft of gross leasable area to Brookfield's portfolio.

In December 2018, Brookfield Properties took over the management of Forest City Realty Trust's real estate portfolio after the company was acquired by a fund affiliated with Brookfield Asset Management.

2020s

In September 2020, the company's retail group announced a layoff of 20% of its workforce of about 2,000 people.


Mission
We focus on maximizing the tenant experience in addition to the investment and operational performance of the asset.

Vision
We integrate leading-edge technologies which enables our properties to be at the forefront of innovation and sustainability - benefiting not only our tenants, residents and business partners, but also the communities in which we operate.

Key Team

Mr. Lowell G. Baron (Managing Partner of Real Estate & Chief Investment Officer)

Mr. Matthew P. Cherry (Sr. VP of Investor Relations)

Ms. Kerrie McHugh (Sr. VP of Communications & Branding)

Ms. Andrea Balkan (Managing Partner of Real Estate Fin. Funds - Brookfield Property Partners Limited)

Mr. Brett M. Fox Sr. (Managing Partner & Gen. Counsel of Real Estate - Brookfield Property Partners Ltd)

Mr. Jay Cornforth (Managing Partner of Real Estate Industrial & U.S. Head of Logistics)

Mr. Robert E. Dezzutti (Exec. VP of the Western Region)


Recognition and Awards
Brookfield Property Partners has been recognised for its outstanding achievements throughout the years by numerous prestigious awards, such as: 2020 Top Real Estate Developer Award by Real Estate Weekly and 2019 Top Commercial Real Estate Developer by Commercial Observer.

References
Brookfield Property Partners
Leadership team

Mr. Brian William Kingston (Sr. Managing Partner & CEO of Brookfield Property Partners Limited)

Mr. Bryan Kenneth Davis (Managing Partner of Rest Estate & CFO - Brookfield Property Partners Limited)

Mr. William Mitchell Powell CPA (Sr. Managing Partner of Real Estate & COO - Brookfield Property Partners Ltd)

Products/ Services
Commercial Real Estate, Intellectual Property, Real Estate
Number of Employees
20,000 - 50,000
Headquarters
Hamilton, Hamilton, Bermuda
Established
2013
Company Registration
SEC CIK number: 0001545772
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
BPYPP
Social Media
Mon Feb 26 2024
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