Tuesday, July 16, 2024
spot_img
HomeNewsBusiness WireKBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From...

KBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From CMBS Malls Ahead of Acquisition

NEW YORK–(BUSINESS WIRE)–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 Bossier Mall ($41 million). Additionally, it was reported that negotiations were underway for seven other specially serviced loans ($797.8 million) regarding potential friendly foreclosures.

BAM recently announced that it reached an agreement to acquire all the limited partnership units of BPY not already owned by BAM, valued at $6.5 billion ($18.17/BPY unit). The acquisition is expected to close in Q3 2021; however, the transaction remains subject to the approval of a majority of BPY public unitholders as well as the Ontario Superior Court of Justice. The parent company believes the acquisition will afford it greater operational flexibility of BPY and an opportunity to preserve the portfolio’s intrinsic value as CRE markets normalize.

Click here to view the report.

Related Publications

About KBRA Credit Profile

KBRA Credit Profile (KCP) is a research service and nothing herein or otherwise provided by KCP shall be construed as a rating. Any rating opinions, analysis, projections, observations, data or other items constituting part of any information provided or distributed by KCP or KBRA are and must be construed solely as statements of opinion and not statements of fact.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Contacts

Miles Van Saun, Analyst

+1 (215) 882-5906

miles.vansaun@kbra.com

John Carandang, Senior Analyst

+1 (215) 882-5927

john.carandang@kbra.com

Mike Brotschol, Managing Director

+1 (215) 882-5853

mike.brotschol@kbra.com

Business Development


Marc Iadonisi, Senior Sales Director

+1 (215) 882-5877

marc.iadonisi@kbra.com

spot_img
RELATED ARTICLES
spot_img
spot_img
spot_img

Caribbean News

Eastern Cuba makes strides toward circular economy

By Caribbean News Global HOLGUÍN, Cuba, (ACN) - A number of enterprises in the province of Holguin are already applying the postulates of circular...

Global News

UN deputy chief calls for major arms spending cuts and urgent action to save SDGs

By Vibhu Mishra NEW YORK, USA, (UN News) - The UN Deputy Secretary-General on Monday urged global leaders to redirect resources from warfare to peace and...