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Brookfield Property buys low

Published 04/23/2018, 03:14 PM
© Reuters.  Brookfield Property buys low
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  • via WSJ
  • “There’s a lot of vacancy, and we love that,” says Brookfield's (NYSE:BPY) head of retail leasing Michael Goldban.
  • While retailers are closing stores, vacancies are on the rise, and rents on the decline in the age of Amazon (NASDAQ:AMZN), Brookfield is picking up properties at discounted rates.
  • The latest is a deal to purchase four retail properties with seven storefronts on Manhattan's Bleecker Street for about $31.5M. The seller - New York REIT (NYSE:NYRT) - purchased the buildings for nearly $45M between 2010 and 2012.
  • It's a small deal for Brookfield - which is in the process of acquiring the rest of GGP for $23.50 per share - but should give the company enough of a presence to stimulate that area, says Goldban.
  • Now read: Brookfield Property Partners Now A Deep Value Play


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