Brookfield Property Malaise?

Is Brookfield Property Properties (BPY) (BPR) suffering from Malaise? Brookfield made an offer for 66% of GGP that it did not own first in Nov 2017 and raised the offer to seal the deal in Mar 2018 and completed the acquisition in Sep 2018.

Early going has been slow with Brookfield not being able to divest any mall assets to reduce debt. There is too much fear in the market towards retail due to Amazon and eCommerce. Brookfield will need to create value the hard way here by redeveloping 7-10 malls at a time so that they can use cashflow generated from the mall assets to transition them to Live Work Play sites by adding residential towers and offices.

I think jury is still out on how this turns out and we will know the outcome 5 years to 10 years from now.


WSJ Article - Brookfield’s Bet on Malls Looks Riskier than Ever