{"id":1004147679,"date":"2016-07-07T23:57:35","date_gmt":"2016-07-08T07:57:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147679"},"modified":"2020-05-18T21:50:27","modified_gmt":"2020-05-19T05:50:27","slug":"brookfield-completes-2-8b-rouse-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brookfield-completes-2-8b-rouse-buy\/","title":{"rendered":"Brookfield Completes $2.8B Rouse Buy"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004147681\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147681\" data-attachment-id=\"1004147681\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brookfield-completes-2-8b-rouse-buy\/mtshastamall_redding_2273917-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg\" data-orig-size=\"436,267\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"MtShastaMall_Redding_2273917\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg?w=436\" class=\"wp-image-1004147681 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg\" alt=\"Mt. Shasta Mall in Redding, Calif., a shopping center owned by Rouse Properties\" width=\"300\" height=\"184\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg 436w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/MtShastaMall_Redding_2273917.jpg?resize=300,184 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004147681\" class=\"wp-caption-text\">Mt. Shasta Mall in Redding, Calif., a shopping center owned by Rouse Properties<\/p><\/div>\n<p><strong>New York and Toronto\u2014<\/strong><a href=\"https:\/\/www.brookfield.com\/\" rel=\"nofollow\" target=\"_blank\">Brookfield Asset Management<\/a> has completed its acquisition of <a href=\"https:\/\/rouseproperties.com\/\" rel=\"nofollow\" target=\"_blank\">Rouse Properties<\/a> for its affiliate, BSREP II Retail Pooling LLC, under a previously <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-acquires-rouse-for-2-8b\/\" target=\"_blank\">agreed upon merger<\/a> under which BSREP II Retail Holdings Corp. joined its parent company.<\/p>\n<p>\u201cThe Rouse team has built a great company with a strong platform and differentiated assets and we are pleased that Brookfield recognizes the value we have created in becoming a leader in our sector,\u201d David Kruth, Rouse chairman of the special committee of the board of directors, said in a prepared release at the time of the original agreement. \u201cAfter careful consideration, the Special Committee determined that Brookfield\u2019s increased proposal provides shareholders with compelling value as well as a high degree of execution certainty, further validating the strength of the platform that Rouse has built. We are pleased to have reached this agreement, which we believe benefits all Rouse shareholders.\u201d<\/p>\n<p>Under the terms of the merger, Rouse\u2019s shareholders, excluding Brookfield and its affiliates, will receive $18.25 per share in cash. With Brookfield affiliates already controlling about one-third of Rouse\u2019s outstanding common shares, approximately 82.4 percent of the common shares not held by Brookfield and its affiliates voted last month in favor of the all-cash merger.<\/p>\n<p>With the deal now official, Andrew Silberfein will <a href=\"https:\/\/www.commercialsearch.com\/news\/rouse-properties-names-new-ceo\/\" target=\"_blank\">vacate his position as CEO<\/a> of Rouse, with COO Brian Harper now filling the role.<\/p>\n<p>Rouse Properties Inc. owns and manages 35 regional malls and retail centers in 21 states encompassing approximately 23.8 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-based company closed on the previously announced merger, which includes the exit of a top exec.<\/p>\n","protected":false},"author":451,"featured_media":1004147681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21749],"tags":[],"class_list":["post-1004147679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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