Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
MERGERS AND ACQUISITIONS
BROOKFIELD, BLACKSTONE TO BUY TRIZEC FOR $8.9B Brookfield Properties Corporation, owner of the World Financial Center in Lower Manhattan, and buyout firm Blackstone Group LP agreed to acquire Trizec Properties Incorporated for $8.9 billion including debt, the second-largest takeover of a real estate investment trust.
The purchase will almost triple Brookfield’s American properties, especially in New York, Washington, and Los Angeles. Though based in New York, half of its portfolio is in Canada. Chicago-based Trizec, whose chairman is Canadian billionaire Peter Munk, 78, owns One New York Plaza in Manhattan and the Bank of America Plaza in Los Angeles among its 61 sites.
“Trizec has some marquee properties,” said Lawrence Creatura,who helps manage about $2.5 billion at Clover Capital Management Incorporated in Rochester, New York, including Trizec shares. “These trophies are part of what’s driving this acquisition.”
– Bloomberg News
