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GGP Mall Portfolio Set for Brookfield Revitalization

Chicago-based GGP’s 125-property mall portfolio is set to undergo a transformation as a result of the $15-billion Brookfield Property Partners’ acquisition. Top-tier centers will be expanded, while less successful properties will be scaled back or reconfigured to include a mix of uses.

In an effort to breathe new life into assets, some malls could see new housing, office or hotel components added. While more time-intensive and considered riskier, Brookfield has both the financing resources and experience in completing similar major redevelopment strategies. It recently transformed properties within Rouse Properties Inc.’s portfolio, which it acquired in 2016.

The redevelopment strategy involves new partners that Brookfield brings in to defer some risk and add expertise or capital. Brookfield has sold roughly $4 billion in stakes to JV partners to help pay down acquisition debt. Another $2 billion in mall interests could be sold in the next few years to help further this revitalization strategy.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.