As General Growth Properties emerges from bankruptcy this fall the newly created company that will take over GGP’s master planned communities will be headed by a management team from Brookfield Advisors. According to this story from the Dow Jones Newswires, Brookfield will “prepare the company to separate from the nation’s second-largest mall owner and become publicly traded, according to papers filed Monday with the U.S. Bankruptcy Court in Manhattan.”
Brookfield already has a sizable presence in this area. The company owns Keswick Homes and over seven million square feet of office space in Silver Spring, Bethesda, Reston, Arlington, Virginia and Washington, DC. They are also developing two master planned communities in Arizona; Brookfield at Verde Santa Fe, a “480-acre Master Planned Golf Course Community located in Central Arizona. Set at a beautiful location between scenic Sedona and historical Cottonwood” and Brookfield at Fox Creek, a “750-acre Master Planned Community located on the Bullhead Parkway across the Colorado River from the excitement of Laughlin, Nevada. A 750-acre Master Planned Community located on the Bullhead Parkway across the Colorado River from the excitement of Laughlin, Nevada.”
Brookfield is investing $8.55 billion into the restructured GGP and will own 16% of the new company that is temporarily known as Spinco.
It is likely that this new management group will keep the Columbia development team intact but will likely add a few new players as well. They have a pretty good bench after all.
