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KBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From CMBS Malls Ahead of Acquisition
April 30, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 30, 2021
KBRA Credit Profile (KCP), a division of KBRA Analytics, releases a special report on mall loans sponsored by Brookfield Property Partners (BPY) and the pending acquisition of BPY by Canada-based Brookfield Asset Management (BAM). KCP examined its $725 billion coverage universe of over 1,100 CMBS transactions and identified 77 malls collateralizing 73 loans $14.65 billion by allocated loan amount (ALA) across 106 transactions with exposure to BPY sponsorship. Twenty ($2.16 billion) of the 73 loans were in special servicing as of the April 2021 remittance, including three ($174.6 million) wherein BPY has stipulated to friendly foreclosure: Florence Mall ($90 million), Bayshore Mall ($43.6 million) and Pierre Bossie
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Forever 21 Wants To Be A One-Stop Shop For Head-To-Toe Fashion: Inside The CEO s Post-Bankruptcy Plans
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(Istock illustration by Kevin Rebong)
Alex Sapir, whose family famously sold 11 Madison Avenue in New York for a record $2.6 billion, recently went shopping for real estate. But instead of buying a trophy asset or two, he decided to buy a whole company’s worth of them.
In March, Sapir and an investment team he helped pull together made an offer to buy the publicly traded office REIT Columbia Property Trust for $2.4 billion with plans to take the company private.
Columbia Property’s portfolio of high-quality office buildings in cities like New York, San Francisco, Washington, D.C. and Boston is full of question marks as major tenants decide whether they need as much office space post-pandemic. That creates a window of opportunity for Sapir and his partners and could embolden other investors who have long thought that certain sectors of the REIT industry make good targets for privatization.