CBRE Global Investors has bought part of a portfolio of three malls, previously owned by General Growth Properties (GGP), from Brookfield Property Partners.
CBRE GI said, through a joint venture agreement with Brookfield, it has bought stakes in the Cumberland Mall in northwest Atlanta, Ridgedale Center in western Minneapolis and The Parks Mall at Arlington for an undisclosed sum. The portfolio comprises 3.7m square feet of retail space and is 98% leased.
David Morrison, the CIO-Americas at CBRE GI, said: “We believe that Class A super-regional malls remain one of the most attractive investments available today,” said David Morrison, CIO-Americas, CBRE Global Investors.
“These assets have a historic track record of material outperformance, dominating their retail catchment within their submarkets, and we expect that assets of this quality and scale should maintain that advantage going forward. The opportunity to invest in this sector in scale with this level of quality was very attractive, and we look forward to partnering with Brookfield on this portfolio.”
The GGP operations and leasing teams will continue to operate the portfolio as property manager and leasing agent
CBRE GI said it made the acquisition on behalf of its institutional investor clients. The investor currently manages around $23bn (€19.62bn) in retail assets globally.
Also today, Brookfield Property Partners said it has completed the $15.3bn cash-and-stock offer to acquire US shopping mall owner GGP. The acquisition was agreed in March.
