Brookfield Property Partners
| Company type | Limited partnership |
|---|---|
| Industry | Commercial real estate investment |
| Founded | January 2013 |
| Founder | Brookfield Corporation (spun off) |
| Headquarters | Hamilton , Bermuda |
Area served | United States, Canada, Australia, Europe, Brazil, Asia |
Key people | Ric Clark (Chairman), Brian Kingston (CEO) |
| Products | Office properties, retail centers, commercial real estate investment funds |
| Owner | Brookfield Corporation (100% as of July 2021) |
| Parent | Brookfield Corporation |
Brookfield Property Partners L.P. is a limited partnership that holds ownership of office properties and retail centers, along with minority stakes in commercial real estate investment funds. Based in Hamilton, Bermuda, its operations span primarily across the United States, Canada, Australia, Europe, Brazil, and Asia.
As a fully owned subsidiary of Brookfield Corporation, the partnership issues publicly traded preferred shares and possesses a 35.89% general partnership stake in Brookfield Properties, while Brookfield Corporation maintains a 63.46% ownership share.
Established in January 2013, the entity was spun off from Brookfield Corporation in April of the same year. It completed the acquisition of remaining interests in GGP Inc. by August 2018 and was subsequently reintegrated as a wholly owned subsidiary of Brookfield Corporation in July 2021. In 2023, approximately 65% of its revenue originated from the U.S., with the balance coming from international markets.
History
In April 2013, Brookfield Corporation finalized the spin-off of Brookfield Property Partners, listing its equity on both the Toronto and New York Stock Exchanges.
By June 2014, the partnership had acquired Brookfield Office Properties through a tender offer. Later that year, Qatar Investment Authority injected $1.8 billion via preferred equity investments.
Leadership transitions took place in November 2015 when Ric Clark assumed the role of chairman and Brian Kingston was appointed CEO.
Brookfield Corporation’s acquisition of the partnership in July 2021 was aimed at streamlining corporate governance and financial reporting.
Office buildings
As of September 30, 2024, the partnership controlled 72 million rentable square feet distributed among 125 office properties located in major cities such as New York, London, Dubai, Toronto, and Berlin.
Notable holdings include Brookfield Place in New York City and Bank of America Plaza in Los Angeles. In 2013, it purchased a 22% interest in China Xintiandi—a premier shopping and entertainment destination in Shanghai—for $500 million.
In late 2014, Brookfield entered the Indian market by acquiring a collection of office parks. After investing $300 million in renovations, it relaunched Brookfield Place in New York as a retail complex spanning 375,000 square feet in March 2015.
April 2015 saw Brookfield collaborate with Qatar Investment Authority to acquire Canary Wharf Group through Songbird Estates Plc., with the transaction valued at around £2.6 billion. That same month, Skadden Arps was secured as the lead tenant for One Manhattan West—a 2.1 million square-foot office tower situated in New York City.
By October 2015, Brookfield divested a 44% interest in its $8 billion Manhattan West development to Qatar Investment Authority. Between late 2015 and early 2016, it expanded its presence in Brazil by acquiring seven office buildings across São Paulo and Rio de Janeiro.
In January 2016, partnering with Korea Investment Corporation, Brookfield acquired Potsdamer Platz in Berlin for $1.41 billion. That year also marked the commencement of construction on ICD Brookfield Place within Dubai’s International Financial Centre—a mixed-use development featuring 1.5 million square feet of office and retail space—through a joint venture with Investment Corporation of Dubai.
Toward the end of 2016, Brookfield entered South Korea’s real estate market by purchasing International Finance Center Seoul (IFC Seoul), which comprises three office towers, a retail mall, and a Conrad five-star hotel.
Retail
By September 30, 2024, the partnership's retail holdings comprised 106 million square feet distributed across 103 properties in the United States.
In September 2014, Brookfield secured a lease agreement with Hudson's Bay Company, which owns Saks Fifth Avenue, at Brookfield Place. This lease included an 85,000-square-foot retail space and an additional 400,000 square feet dedicated to office use.
In July 2016, an investment fund sponsored by Brookfield acquired Rouse Properties, a company owning 35 malls and retail centers located in 21 different states.
Brookfield initially invested in GGP Inc. in 2016 before purchasing the remaining outstanding shares by August 2018. Concurrent with the GGP acquisition, Brookfield also bought retail properties on Manhattan’s Bleecker Street with the goal of revitalizing the area by supporting emerging and online retailers as well as hosting cultural programming.
In September 2020, the partnership collaborated with Simon Property Group to acquire JCPenney’s retail operations. That same month, amid the challenges posed by the COVID-19 pandemic, the retail division reduced its workforce by roughly 20%, eliminating approximately 300 jobs.
Limited partnership interests in investment funds sponsored by affiliates
The partnership holds minority interests in several investment funds managed by affiliated entities, with investments spanning multiple sectors within commercial real estate. This includes stakes in the Brookfield Strategic Real Estate Partners (BSREP) series: 31% ownership in BSREP I, 26% in BSREP II, 8% in BSREP III, and 23% in BSREP IV. Furthermore, the partnership committed $300 million to the Brookfield Fairfield U.S. Multifamily Value Add Fund.
Industrial property
Between 2012 and 2014, a Brookfield-sponsored investment fund acquired Industrial Developments International based in Atlanta and Gazeley headquartered in London—both specializing in industrial properties across the US, UK, Europe, and Asia. These entities were combined into IDI Gazeley in May 2014. The European segment was divested to GLP for €2.4 billion in October 2017. The U.S. operations were rebranded as IDI Logistics in January 2018 and continue to be part of Brookfield’s portfolio.
Multifamily
In 2010, Brookfield purchased a controlling interest of 65% in Fairfield Residential LLC for $19 million; CalSTRS retained the remaining stake. In 2013, it acquired a portfolio containing 4,892 apartment units across North Carolina, South Carolina, and Virginia from Babcock & Brown for $414 million. By 2019, after expanding to own approximately 43,000 apartments, Brookfield sold its share back to CalSTRS.
In April 2015, a fund sponsored by Brookfield completed the acquisition of Associated Estates Realty for $2.5 billion. Later that year, in October 2015, the partnership acquired Greenpoint Landing, a residential development project located in Brooklyn.
Hospitality
A Brookfield-sponsored investment fund purchased the Hard Rock Hotel & Casino Las Vegas in 2011; this asset was sold to Virgin Hotels in 2018.
In 2012, Brookfield took ownership of Atlantis Paradise Island in the Bahamas through its role as lender.
Brookfield broadened its hospitality holdings in 2014 by acquiring Thayer Lodging Group, a private equity firm specializing in hotel investments.
In 2015, a Brookfield-supported fund bought Center Parcs UK from The Blackstone Group for £2.45 billion. Center Parcs operates five short-break holiday villages across England.
Triple-net-leased automotive dealerships
In 2014, an investment fund backed by Brookfield purchased Capital Automotive along with its portfolio comprising 450 triple-net-leased automotive dealerships located throughout the U.S., for a total of $4.3 billion. This portfolio was later sold in 2022 to a fund overseen by Ares Management for $3.8 billion.
Self-storage
Brookfield expanded into self-storage in 2016 by acquiring Simply Self Storage, which operated 90 facilities in the U.S. covering 6.8 million square feet, for $829 million. In 2020, this portfolio was divested to funds managed by The Blackstone Group at a price of $1.2 billion.
Student housing
Brookfield entered the UK student accommodation sector in 2016 through the purchase of 13 properties offering 5,700 beds across four university cities, investing approximately £400 million. The company expanded this portfolio in 2022 by acquiring an additional three properties for £94 million. In May 2022, Brookfield sold its student housing assets to GIC and Greystar for £3.3 billion.
Manufactured housing
In 2017, an investment fund sponsored by Brookfield Corporation acquired 135 manufactured housing communities containing 33,000 pads distributed across 13 states in the U.S. By January 2024, the fund owned 175 manufactured housing sites and had sold 19 of these properties for $325 million.