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While the mall REIT did not accept the initial $14.8bn offer, Brookfield’s Bruce Flatt predicted ‘long, long processes’ of negotiations.
The private equity real estate firm’s acquisition of Cole Capital would provide access to retail capital and the opportunity to raise more products through Cole’s distribution channels.
The Chicago-based investment manager said institutional investors should allocate part of their real estate portfolios to public securities in addition to private real estate for diversification and higher returns, among other benefits.
The firm sold a stake in a 183-property portfolio for $371m with the expectation that the buyer will purchase the entire portfolio in the next three years.
The publicly-traded vehicle, which would be seeded from the company’s balance sheet assets and two non-traded REITs, would have $5.5bn in assets.
The link-up of the two single-family rental REITs is the latest in a series of mergers and acquisitions in the sector.
The real estate and investment management firm is considering both public and private options for its balance-sheet US debt investments.
The New York-based firm’s bid for Astro Japan Property Trust received backing from the board which had earlier rejected a bid from Lone Star Funds.
The alternative asset manager’s pursuit of RLJ Lodging Trust marks the latest in a series of privatization bids by private equity real estate investors this year.
The IPO was priced at $20 per share of common stock of TRTX.
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