|Bid||68.74 x 0|
|Ask||68.75 x 0|
|Day's Range||68.36 - 69.17|
|52 Week Range||49.87 - 69.17|
|Beta (3Y Monthly)||1.13|
|PE Ratio (TTM)||23.63|
|Forward Dividend & Yield||0.85 (1.24%)|
|1y Target Est||52.00|
(Bloomberg) -- Another challenger to WeWork is drawing cash from a slate of institutional investors as the office-sharing juggernaut faces the prospect of stiffer competition ahead of its initial public offering.New York-based startup Industrious raised $80 million from backers including Brookfield Properties, luxury fitness chain Equinox and the Canada Pension Plan Investment Board, according to co-founder and Chief Executive Officer Jamie Hodari. Landlord peers TF Cornerstone and Granite Properties also participated in the round.Like others competing with WeWork, Industrious has honed its strategy to lower risk and tout itself as safer investment. Under a new business model adopted last year, it will avoid signing long-term leases and instead partner with landlords to manage their buildings as co-working spaces or for tenants. It’s an arrangement akin to the hotel industry, where owners hand off management of their properties to brands such as Hilton and Marriott.It’s “more sustainable, thoughtful and less risky” to rely on management contracts that last 15 to 25 years, Hodari said. He plans to phase out leases his company already signed for office space. WeWork, in contrast, had $47.2 billion in future lease obligations as of June 30.Knotel Inc., another manager of flexible work spaces, announced its own $400 million fundraising Wednesday, giving it an implied value of at least $1.3 billion. Hodari declined to disclose Industrious’s valuation.Hodari said he focused on raising funds from large landlords who can play a role in accelerating growth. The venture will operate co-working sites attached to Equinox gyms, a partnership to be showcased at Manhattan’s Hudson Yards development. It’s also working on deals with investors including Brookfield Properties, a subsidiary of Brookfield Asset Management Inc.As Brookfield properties evolve into hubs where people shop, dine, live and do their jobs, “co-working space is a growing area in our portfolio,” said Sandeep Mathrani, CEO of Brookfield Properties’ retail group.A ‘Scary’ PivotIndustrious operates about 80 locations and aims to strike partnerships for 60 more sites next year. Building owners typically cover the bulk of cost for overhauling spaces. The firm gets some of the revenue collected from customers, and can share in a landlord’s profits, once a location earns more than the equivalent market rent. Industrious spaces generally are projected to earn 30% more for landlords than they would otherwise, Hodari says. Past and current members include Hyatt Hotels Corp., Airbus SE, Pandora A/S, Humana Inc. and Lyft Inc.Some of the fundraising will be used to expand to cities in Mexico, Canada and Europe. The firm also plans to build up its presence in New York, Philadelphia, Denver and San Francisco.WeWork is expected to raise more than $3 billion in its IPO next month, and billions more in debt financing. If Industrious kept signing leases rather than partnering with landlords, it would have needed far more capital while facing the risk of a squeeze in an economic downturn, Hodari said. Instead, its strategy is expected to help the company become profitable by early next year.“It’s dangerous and unnecessary for companies to be stuck in a position where they have to raise hundreds of millions or more to fund their growth,” he said. The change in strategy, “was a scary, nerve-wracking transition as it wasn’t clear we’d be able to get landlords on board. But I’m glad we did it.”To contact the reporter on this story: Gillian Tan in New York at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TORONTO, Aug. 20, 2019 -- Brookfield Asset Management Inc. (“Brookfield”) and Macer Forest Holdings Inc. (“Macer”) report that Macer has acquired and Brookfield has disposed of.
BROOKFIELD, NEWS, Aug. 16, 2019 -- Brookfield Asset Management Inc. (NYSE: BAM) (TSX: BAM.A) (EURONEXT: BAMA) (“Brookfield” or “the company”) today announced it has received.
(Bloomberg) -- Pattern Energy Group Inc., a power producer that owns wind and solar farms in the U.S., Canada and Japan, has “drawn interest” from potential takeover suitors, according to a statement Tuesday."No agreement or arrangement for any transaction has been reached," the San Francisco-based company said in the statement, confirming an earlier report in Bloomberg News. "Pattern Energy has a track record of regularly assessing various types of transactions that may be in the best interests of Pattern Energy and its shareholders."Pattern Energy is working with a financial adviser after drawing interest from suitors including Brookfield Asset Management Inc., which has floated the idea of merging the company with TerraForm Power Inc., according to people familiar with the matter, who asked to not be identified because the matter isn’t public. Brookfield owns about 65% of TerraForm Power, according to data compiled by Bloomberg.Talks are ongoing, no decision has been made and the company could opt to remain independent, the people said.Pattern rose 8% Monday on the news, its largest gain since December 2015. The company has a market value of about $2.5 billion. It had $2.5 billion in total debt at June 30, according to data compiled Bloomberg.Pattern Energy has 26 wind and solar energy projects in the U.S., Canada and Japan, as well as additional development projects in Mexico, according to its website. It went public in 2013 as a so-called yieldco, or renewable power company that doles out much of the cash it collects from electricity sales as dividends to investors.Yieldcos fell out of favor with investors about four years ago after some of them faltered.\--With assistance from Brian Eckhouse.To contact the reporters on this story: Scott Deveau in New York at email@example.com;Kiel Porter in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
When it signed a lease more than two years ago, the giant fashion chain became the first tenant to commit to the project.
Net Income of $0.7 billion or $0.36 per shareFFO of $1.1 billion or $1.09 per share BROOKFIELD, NEWS, Aug. 08, 2019 -- Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A,.
Australia's Aveo Group said on Tuesday that Brookfield Asset Management Inc had offered A$1.27 billion ($859.4 million) in cash to acquire the retirement-home operator. The disclosure is the first time Aveo has put a value on the offer since it first revealed it was in talks with the Canadian firm nearly a month ago. Aveo's acquisition would give Brookfield a sizeable chunk of Australia's aged-care industry, which has seen its valuations slide to attractive levels in the wake of a public inquiry into mistreatment and abuse of residents in aged-care facilities.
The disclosure is the first time Aveo has put a value on the offer since it first revealed it was in talks with the Canadian firm nearly a month ago. Aveo's acquisition would give Brookfield a sizeable chunk of Australia's aged-care industry, which has seen its valuations slide to attractive levels in the wake of a public inquiry into mistreatment and abuse of residents in aged-care facilities. The offer price would be reduced by the value of any distributions declared by Aveo after entering into an acquisition agreement, the company said.
Canada's Brookfield Asset Management is in talks to acquire a 30% stake in Brazilian sanitation company Brookfield Ambiental from the workers severance fund FGTS, two people with knowledge of the matter said. The stake, owned by workers' severance fund FGTS, is managed by Brazilian state bank Caixa Economica Federal, which has been divesting from most of its noncore assets. Caixa Economica and Brookfield did not immediately reply to requests for comment.
Tom Barrack, a billionaire friend of U.S. President Donald Trump, pursued a plan to buy Westinghouse Electric Corp even as he lobbied Trump to become a special envoy to promote the building by the firm of nuclear power plants in Saudi Arabia, said a congressional report released on Monday. Documents obtained by the Democratic-led U.S. House of Representatives Oversight Committee raise "serious questions about whether the White House is willing to place the potential profits of the President's friends above the national security of the American people and the universal objective of preventing the spread of nuclear weapons," the report said. The report is the second from the panel's investigation into the plan to construct 40 nuclear power plants in Saudi Arabia and elsewhere in the Middle East.
The U.S. Surface Transportation Board (STB) is seeking public comments on Brookfield Asset Management's proposed acquisition of shortline operator Genesee & Wyoming (NYSE: GWR). Brookfield announced plans to acquire GWR earlier this month in a deal valued at $8.4 billion. Brookfield asked the Board in a July 9 filing to allow an exemption that would pave the way towards acquisition.
TerraForm Power's large solar asset purchase will make it an even more attractive stock for income investors.