Brookfield Property Partners has sold a 28 percent stake in its New York core office portfolio, with a plan to syndicate up to an additional 7 percent interest in this portfolio, with total projected proceeds of $1.8 billion, according to the firm’s second-quarter earnings report.
The portfolio encompasses all of the company’s core holdings in Manhattan.
And subsequent to quarter-end, Brookfield Property Partners executed a sale agreement for 112 assets in its self-storage portfolio for $1.3 billion. This transaction is expected to close in September.
The proceeds raised from asset sales were used to invest in the firm’s active development pipeline and fund new acquisitions, including:
- Land for two additional sites at its residential development in Greenpoint, Brooklyn, for $144 million.
- Two office buildings in Northern Virginia for $95 million.
- Interests in three industrial properties in New Jersey for $250 million.
- The Hilton Fort Lauderdale Hotel & Marina for $177 million.
- A 79 percent interest in IC Campus, a student housing company in Europe, for $148 million.
- 660,000 square feet of office space on seven floors above Macy’s State Street department store in Chicago for $27 million.
Additional acquisitions occurred subsequent to quarter-end:
