(NEW YORK, NY) — Brookfield will officially purchase the real estate investment trust company, Forest City Realty, for $11.4 billion, making it New York City’s largest commercial property owner. As reported by Real Estate Weekly, Crain’s Data Center shows that the deal, which was announced in July, will leave Brookfield with 26.1 million square feet of commercial real estate in the city.
Forest City’s agreement with Brookfield came just four months after the plan to sell fell through and caused the real estate investment trust to operate on a stand-alone basis, Bloomberg reported back July.
However, it was not easy for the company to settle on an agreement. Reports state that earlier this year Forest City rejected Brookfield’s bid for $25 a share and instead settled on $25.35 per share.
The deal will be finalized this week, Brookfield’s CEO Ric Clark announced. Brookfield is already known as the largest commercial property owner in Houston, London, Toronto, downtown Los Angeles, and Perth, Australia.
As for Forest City, its many commercial and residential projects in major cities will be great assets to Brookfield.