Brookfield’s plan for GGP: Add housing, office, hotels to underperforming malls

Brookfield Property Partners is wasting no time with its plan to turn around General Growth Properties, the massive shopping mall real estate investment trust it bought for $14.8 billion last month. Toronto-based Brookfield plans to expand GGP’s best performing malls with additional stores, and repurpose poorly performing malls by adding housing, office space or hotels, according to the Wall Street Journal. Battered by diminishing revenue, many mall owners nationwide are transforming their assets, turning the […]

from The Real Deal New York https://ift.tt/2nW5SN1