Rouse Properties Explained

Rouse Properties
Type:Subsidiary
Industry:Real estate investment trust
Products:Shopping centers
Parent:Brookfield Asset Management
Fate:Acquired by Brookfield Asset Management
Successor:Brookfield Properties
Defunct: (corporation)
(brand)
Location:New York City

Rouse Properties was a real estate investment trust headquartered in New York City. The company owned 35 shopping malls in 22 states encompassing approximately 24.5 million square feet of retail space.

History

In 2011, General Growth Properties announced that it would spin off a portfolio of 30 shopping malls as a new company named Rouse Properties.[1] [2] The name was taken from the Rouse Company, which GGP had acquired in 2004. The portfolio comprised most of GGP's Class B shopping centers (malls located in smaller cities, and second-tier malls in larger cities), allowing GGP to focus on its higher-performing properties.[3] [4] The spin-off was completed on January 12, 2012.[5]

In February 2012, the company acquired Grand Traverse Mall for $66 million.[6]

In January 2013, the company acquired The Mall at Turtle Creek in Jonesboro, Arkansas for $96 million.[6]

In May 2014, the company began a $40 million renovation of NewPark Mall in Newark, California.[7]

In March 2015, the company defaulted a loan secured by Vista Ridge Mall in Lewisville, Texas.[8]

In November 2015, the company acquired The Shoppes at Carlsbad in Carlsbad, California.[9]

In 2016, Brookfield Asset Management, which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.[10] [11] A purchase agreement was eventually reached, valuing the company at $2.8 billion.[12] Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.[13] [14]

In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into Brookfield Properties.[15]

Properties

Notes and References

  1. News: GGP to transfer 30 malls to new Rouse Properties, Inc.. Baltimore Sun. Sara. Toth. August 3, 2011. 2021-11-13.
  2. News: General Growth to bring back Rouse name with new spin off. Baltimore Business Journal. Jeff. Clabaugh. August 2, 2011. 2021-11-13.
  3. Information Statement. Rouse Properties. December 20, 2011. EDGAR.
  4. News: General Growth to spin off weak malls. St. Louis Business Journal. Greta Weiderman. January 4, 2012. 2021-11-13.
  5. News: Mall owner spins off 30 properties, retains Glenbrook Square. Greater Fort Wayne Business Weekly. Linda. Lipp. January 20, 2012. NewsBank.
  6. News: General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million . Shandra . Martinez . . February 27, 2012.
  7. News: Jonesboro's Turtle Creek Mall sells for $96M . . January 3, 2013.
  8. News: Vista Ridge Mall owner looks to walk away and list it for foreclosure . Candace . Carlisle . . March 18, 2015.
  9. News: Westfield Carlsbad purchased for $170 million . Phillip . Molnar . . November 12, 2015.
  10. News: Brookfield Asset Management offers all cash for Rouse Properties. Wall Street Journal. Ben. Dummett. January 19, 2016. 2021-11-13.
  11. News: Brookfield makes a $957m move on Rouse Properties in the US. Australian Financial Review. January 20, 2016. Scott. Deveau. Oshrat. Carmiel. 2021-11-13.
  12. News: Rouse Properties agrees to sweetened Brookfield offer. Reuters. February 25, 2016. 2021-11-13.
  13. News: Mall's parent company merges with Brookfield in $2.8 billion deal. Times Record News. Wichita Falls, TX. July 7, 2016. 2021-11-13.
  14. Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT . . July 6, 2016.
  15. Brookfield Property Partners L.P. Completes Acquisition of GGP Inc. . . August 28, 2018.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Rouse Properties".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2025, A B Cryer, All Rights Reserved. Cookie policy.