Brookfield Place
NEW YORK CITY—Brookfield Business Partners has agreed to sell its stake in BGIS, a global provider of facilities management services, to CCMP Capital Advisors for $1 billion.
The company's CEO, Gordon Hicks, and the management team will remain in place.
Brookfield acquired control of BGIS in 2015. The division manages 320 million square feet of real estate in 30,000 locations across North America, Asia Pacific and Europe. Besides facility management, it also provides project delivery services, energy and sustainability services, asset management, workplace advisory and management and real estate services to real estate and infrastructure owners and occupiers. It employs 7,000 around the world.
Sale proceeds to Brookfield Business Partners for its 26% ownership interest in BGIS are approximately $180 million, after taxes. The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.
Ropes & Gray LLP and McCarthy Tétrault LLP are acting as legal counsel to CCMP with assistance from Australian counsel, Clayton Utz. Morgan Stanley is serving as financial advisor to CCMP. Citigroup Global Markets, CIBC Capital Markets, and TD Securities are acting as financial advisors to Brookfield and Stikeman Elliott, Skadden Arps, and interEllison are acting as legal advisors.
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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.
