Brookfield Completes Rouse Acquisition

The Centre at Salisbury in Maryland is one of 36 Rouse shopping centers across the US.

NEW YORK CITY—Shares of Rouse Properties Inc. will cease trading on the New York Stock Exchange now that Brookfield has completed its $2.8-billion acquisition of the retail REIT. Under the agreement announced in February, BSREP II Retail Holdings Corp., an entity controlled by Brookfield Asset Management affiliate BSREP Retailing Pooling LLC, has merged with and into Rouse. Shareholders in the company, excluding Brookfield and its affiliates, will receive $18.25 per share in cash.

With the deal now done, Andrew Silberfein is stepping down as CEO of Rouse, to be succeeded by COO Brian Harper. With Brookfield affiliates already controlling about one-third of Rouse’s outstanding common shares, approximately 82.4% of the common shares not held by Brookfield and its affiliates voted last month in favor of the all-cash merger.