Brookfield PlaceNEW YORK CITY–It has been a busy month for Brookfield Asset Management on the acquisition side — and, as it turns out, regarding its dispositions as well.
During its quarterly earnings call CEO Brian Kingston told investors that the company is selling a 28% stake in its Manhattan office and multifamily portfolio and plans to sell an additional 7% stake over the remainder of this year for total proceeds of $1.8 billion to Brookfield Property Partners. He also said that one of BPP's opportunity funds has entered into a contract to sell 112 self storage assets for more than $1.3 billion.
In total, the company's capital recycling initiatives have returned $2.2 billion to Brookfield Property Partners year to date, Kingston said, and the company expects an additional $1.7 billion in additional proceeds by the end of this year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
