RE:RE:RE:RE: Mall Giants Bought J.C. Penney For a Bargain Lacas,
Thanks and I just find it weird BPY (or Simon) issued a press release. This would be a material transaction ($1.8B) for BPY who only has a market cap of $5B.
And I have found when "Brookfield Property Group" is used, it does not necessarily mean the legal entity of BPY, that is, they use "Brookfield Property Group" to include their Funds etc. It would be totally certain if the JC Penny press release said "Brookfield Property Partners LP".
Kingston on the August earnings call..."I think the -- for those acquisitions or assets or portfolios of assets that are effectively tuck-ins or additions to what currently sits on directly on our balance sheet, they will be pursued on BPY's balance sheet. And everything else will be done through the funds." Hhmm.
I am happy to be totally wrong in my thinking as I hope BPY is doing the deal as it seems like a money maker. When "Brookfield" was involved in the GGP bankruptcy, BAM took all the profits on the bankruptcy portion of buying into GGP back in 2010.
Still long,
Vette