Brookfield Makes Unsolicited $657M Offer For Mall REIT

As we reported last week, Canada's Brookfield wants to be the new Blackstone. (Then again, who doesn’t?) Their latest move in that direction: a $657M offer to buy the rest of mall REIT Rouse Properties.

Brookfield (CEO Bruce Flatt pictured) already owns one-third of the REIT, one of the largest mall owners in the country. The offer puts Rouse's valuation at $986M, 26% above its closing price on Friday. Rouse shares jumped 30% after the story broke.

The news is a welcome turning point for the New York-based REIT, seeing as stocks had dropped about 32% over the past year leading up to last week.


Rouse says it will create a special committee to review the unsolicited offer, which would give shareholders a nice premium on their sinking shares.

In an effort to give Blackstone a run for its money—Flatt says the asset manager will double in size over the next decade—Brookfield has stacked up on properties, including last year's blockbuster $2.5B acquisition of apartment landlord Associated Estates Realty Corp. [Bloomberg]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

TPG, ACORE Raise Billions For Opportunistic CRE Funds

Newmark Cuts Earnings Outlook Despite Record Third Quarter

Battered Mortgage REIT Suspends Dividend To Preserve Cash

GGP To Redevelop Former Dick's Sporting Goods Store At Frisco's Stonebriar Centre

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Gwinnett Mall Project Stands To Benefit From Georgia's Opportunity Zone Picks

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Blackstone Mortgage Trust Reports Unexpected Q3 Net Loss

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

Tyko Capital Sets New Record For Florida's Largest Construction Loan

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age