Bramalea City Centre, a 1.2 million-sf shopping center in Toronto, has been sold to institutional investors for an undisclosed sum. Together with two recently sold Vancouver-area properties--Westoaks Mall, a 286,000-sf community shopping center and Sevenoaks, a 556,000-sf regional shopping center--the Bramalea sale completes Brookfield's strategy of divesting its retail portfolio.
"This transaction substantially completes the Company's retail disposition plans," says David Arthur, President and CEO of Brookfield's Canadian Operations. "The total capital Brookfield has raised from property sales and long-term refinancings this year exceeds US$1 billion. This capital is being re-deployed in higher growth opportunities and in the repurchase of common equity interests."
The Brookfield portfolio includes 55 commercial properties and development sites totaling 45 million square feet. It is the owner of Downtown office buildings One Liberty Plaza and One World Financial Center, two buildings located adjacent to the World Trade Center site that are scheduled to re-open on October 22 and November 19, respectively.
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