Brookfield taking pandemic-hit real estate arm private

first_img Full Name* Message* Email Address*center_img Brookfield Property Partners’ Brian Kingston and Brookfield Asset Management’s Bruce Flatt (Brookfield)Brookfield Asset Management reached an agreement Thursday to take its Covid-dinged real estate arm private by acquiring all of Brookfield Property Partners’ outstanding shares in a deal worth $6.5 billion.The Toronto-based asset manager already owns over 60 percent of Brookfield Property Partners shares, but in order to take the company private it had to buy out the remaining shareholders. The move takes Brookfield’s real estate wing off the public markets and away from scrutiny of analysts, investors and short sellers who have questioned its asset valuations.Manhattan West in New York (SOM)Brookfield Property Partners owns some of the glitziest high-rise office towers in New York City, London and Los Angeles. As of October, it controlled 27 million square feet of office space in New York alone, including Manhattan West.Rent collections at its offices have been stable, but its retail component has been hammered by the pandemic. The company controls one of the largest mall portfolios in the U.S. It has turned over some of these malls to lenders and said it is negotiating with special servicers on at least 20 of them in its fourth quarter earnings call with analysts.Brookfield Property Partners, which reported $2 billion in losses in 2020, was also highly leveraged. Some analysts and investors noted the privatization plan was necessary in order to prevent the company from cutting its lucrative dividend, which was a key attraction for investors buying the stock.The deal still falls significantly below what Brookfield Property Partners values its own shares. The company has said the fair value of its stock was around $27 per share.Brookfield Asset Managements will pay $18.17 a share for Brookfield Property Partners’ outstanding shares, above the offer it announced in January, which would have marked the deal at $17.50 a share.Lazard Frères, acting as an independent valuator and financial adviser, valued the fair market value of Brookfield Property Partners shares at between $14 and $18.50 a share.Brookfield Property Partners’ independent directors unanimously approved the transaction. Shareholders of the real estate arm also have the option of receiving a portion of shares in Brookfield Asset Management instead of taking the cash offer.Brookfield Asset Management CFO Nick Goodman said the company believes the deal is “appealing to BPY unit holders in many aspects and allows for greater optionality in how we manage our portfolio of high-quality real estate assets.”Contact Keith Larsenlast_img read more

Garth wins honorable mention honor

first_imgLamar sports informationFRISCO — Lamar freshman guard Nick Garth has been named 2016 Honorable Mention All-Southland Conference, league officials announced Monday morning.Garth received the honor as the team’s sixth man, coming off the bench in all but six games this season.Garth led the Cardinals, and finished 13th in the Southland Conference averaging better than 13 points per game (13.4 ppg). The Houston native was one of the league’s top freshmen in 2015-16 finishing the year as the league’s second-leading freshmen scorer.One of the more accurate three-point shooters in the conference, Garth finished the season ranked 12th in the league in three-point field-goal percentage (.337) and finished tied for fourth in the Southland knocking down 2.3 triples per contest. He also ended his rookie campaign ranked among the Southland’s top 10 in free throw percentage (.813).Garth became the third player in program history, and just the second freshman, to lead the team in scoring while coming off the bench (Joey Ray in 2000-01 and Keith Veney in 1992-93). He played in 29 games recording just six starts as a freshman. He scored in double figures 22 times, including the first 10 games of his career. Garth hit the 20-point plateau four times, including a career-high 25 points against Texas A&M-Corpus Christi.In addition to his ability to score, Garth was also ranked among the league leaders at getting his teammates involved in the scoring. Pressed into the point guard role at times, Garth also finished among the league leaders averaging better than 2.5 assists per game. Next Uplast_img read more

“Record number of plant start-ups”

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

My digital life: Nick Selmes

first_imgStay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletters To continue enjoying, sign up for free guest accessExisting subscriber? LOGIN Get your free guest access  SIGN UP TODAY Subscribe now for unlimited access Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our communitylast_img read more

Fairest of the Fair winners are announced

first_imgThe 2018 Fairest of the Fair and Junior Fairest of the Fair Winners have been released at the 2018 Tennessee Valley Fair.Here are the categories and the winners:Fairest of the Fair Pageant WinnerWinner: Taelyr Phillips of Knoxville, TN1st Runner Up: Darcie Phillips of Oneida, TN2nd Runner Up: Avery Buford of Knoxville, TNFairgoer’s Fair Lady: Taelyr PhillipsJr. Fairest of the Fair Pageant WinnerWinner: Gracie Terry of Oneida, TN1st Runner Up: Katelyn Carol Fedrick of Powell, TN2nd Runner Up: Meredith McNeeley of Knoxville, TNFairgoer’s Fair Lady: McKaykla MuseFairest of the Fair Taelyr Phillips Junior Fairest of the Fair Gracie Terry (WLAF NEWS PUBLISHED – 09/11/2018-6AM)Share this:FacebookTwitterlast_img read more

Reynolds sets new Irish Record in Lyon World Cup Qualifier

first_img Tags: Judy Reynolds, lyon, Reem Acra FEI World Cup, Vancouver K “We were hoping for a top five finish, and the way the scores were going we knew we had to do something special”, said Reynolds. “To break the record by that much was fantastic.” 17 July 2015, 19:04 Reynolds sets a new high in German Dressage Grand Prix 16 December 2015, 23:44 Reynolds climbs two places in World Cup dressage rankings after Olympia Freestyle The new record score earned her a fifth place finish in today’s World Cup qualifier, and marks her second such placing in the current campaign. Earlier this month she placed 5th in the opening World Cup qualifier at Odense, Denmark. JUDY Reynolds and 13-year-old Jazz gelding Vancouver K achieved a new Irish record score of 77.425% in this afternoon’s (Friday) Grand Prix Kür (Freestyle to Music) at the Reem Acra five-star World Cup qualifier in Lyon, France.It is the highest ever score by an Irish competitor in a Grand Prix Kür , smashing the record the Kildare rider set in April in Hagen, Germany, when she scored 75.775%.  Reynolds’ next target in the series is the World Cup qualifier in Salzburg, Austria in December.  Reynolds sets new Irish Record in Lyon World Cup Qualifier Related news stories 30 October 2015, 19:09 19 July 2015, 12:59 Reynolds excels again at Cappeln Today’s Grand Prix Kür was won by European bronze-medallist Beatriz Salat-Ferrer of Spain with Delgado, who scored 82.875%. 18 October 2015, 16:42 Reynolds fifth in Odense World Cup Grand Prix Freestyle Home  »  Disciplines News  »  Other Disciplines  »  Dressage News  »  Reynolds sets new Irish Record in Lyon World Cup Qualifier 6 August 2015, 18:00 Judy Reynolds confirmed for Senior European Dressage Championships 8 November 2019, 09:43 Horse Sport Ireland Coaching and Breeding Conference – Tuesday 3rd December 2019 at Cavan Equestrian Centre Judy Reynolds and Vancouver K achieved 77.425% in Lyon World Cup Qualifier.last_img read more

NPFL: AFCON Winner Egwuekwe Joins Rivers United (AUDIO)

first_imgUnsettled Super Eagles defender Azubuike Egwuekwe has joined Nigeria Professional Football League (NPFL) side Rivers United on a one-year deal.The former Warri Wolves centre-back, who was part of Nigeria’s 2013 AFCON-winning squad, teams up with Stanley Eguma’s men from Libyan outfit, Al Nasr Benghazi.“He (Egwuekwe) has a burning desire to work under me,” Rivers United coach Eguma said of the 30-year-old defence stalwart. “And I see him too as a player who will bring a lot of experience to the team.Download Audio“We are parading a lot of rookies in this team and I need somebody that will impart that needed experience to boost the team, their morale and psychology. So, Azubuike is one of those players who fall within that range.”The towering central defender was an unused substitute as Rivers United was forced to a 1-1 draw by CAF Champions League campaigners, Enyimba in friendly in Aba on Monday morning.The former KuPS of Finland and SuperSport United of South Africa player has been capped 35 times by Nigeria, and also represented the Super Eagles at the 2013 FIFA Confederation Cup and the 2014 World Cup both in Brazil.Relatedlast_img read more