Brookfield Property buys low [Seeking Alpha]
Brookfield Property Partners LP (BPY)
US:NYSE Investor Relations:
bpy.brookfield.com/en
Company Research
Source: Seeking Alpha
Brookfield Property buys lowviaWSJ“There’s a lot of vacancy, and we love that,” says Brookfield's (NYSE:BPY) head of retail leasing Michael Goldban.While retailers are closing stores, vacancies are on the rise, and rents on the decline in the age of Amazon, Brookfield is picking up properties at discounted rates.The latest is a deal to purchase four retail properties with seven storefronts on Manhattan's Bleecker Street for about $31.5M. The seller - New York REIT (NYSE:NYRT) - purchased the buildings for nearly $45M between 2010 and 2012.It's a small deal for Brookfield - which is in the process of acquiring the rest of GGP for $23.50 per share - but should give the company enough of a presence to stimulate that area, says Goldban.Click to subscribe to real-time analytics on BPYNow read:Brookfield Property Partners Now A Deep Value Play »
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