Brookfield Properties, which operates one of the world's largest real estate portfolios, has changed its name to BGRE as part of its global expansion efforts.
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The rebrand, which takes place effective immediately, “enables the platform to define its market-facing approach,” according to a press release.
It won’t impact the business’s operations or personnel. When asked what BGRE stands for, a spokesperson said the new name isn’t an initialism.
“The rebrand to BGRE marks the next chapter for the company, while maintaining the values, discipline and long-term perspective that have defined its business for more than 70 years,” the company said in its statement.
BGRE manages more than 330M SF of office, logistics, hospitality, retail and residential space across more than 1,400 properties globally. The company employs more than 2,000 people worldwide, according to its new website.
The firm is the commercial real estate subsidiary of New York-based investment manager Brookfield Asset Management, which has more than $1T in assets under management. Both are subsidiaries of Canadian parent company Brookfield Corp.
Since the pandemic, BGRE has sold off pieces of its U.S. office portfolio while expanding overseas. BAM Deputy Chief Investment Officer Ankur Gupta told PERE last year that the company aimed to triple its real estate AUM in Asia-Pacific and the Middle East over the next five years. At the time, it had $40B in AUM in the regions.
In Asia, deal activity over the prior two years averaged $10B to $15B annually, three to four times its historical average.
In May, the firm announced a joint venture with Alshaya Group to develop a 480K SF mixed-use complex in Dubai Hills.
But it hasn't stopped its pursuit of returns in the office space either — it is reportedly in talks to buy a 10% stake in a 6.2M SF Manhattan office campus at a $3.5B valuation.
CORRECTION, JULY 28, 1 P.M. ET: Brookfield Properties operates the real estate portfolio of Brookfield Asset Management and Brookfield Corp., but the entity doesn't own any real estate, as a previous version of this article indicated. This story has been updated.
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