🠈 Rouse Properties 🠊
Rouse Properties
Rouse Properties is a Real Estate Investment Trust (REIT) that owns and develops shopping malls. The group is owned by Brookfield Asset Management. They trade on the NYSE with the symbol: DDR.
Rouse Property was created as spin off of General Growth Partners in 2012. Now for the full story.
Rouse History
The company was founded by Hunter Moss and James W. Rouse in 1939 as an FHA Mortgage Company. The mortgage company gradually moved into development. The partnership changed its name to The Rouse Company in 1966. Its developments started to include closed shopping spaces. They also created the first food court.
Rouse developed properties along the "Festival Marketplace" concept. These mixed-use developments would include food courts, shopping spaces along with office space, hotels and other features that blended into areas being redeveloped. Examples include the Arizona Center in downtown Phoenix.
In 1996 Rouse purchased the real estate holdings of Howard Hughes.
In 2004 Rouse was acquired by GGP. GGP went bankrupt in 2009. GGP sold the real estate holdings as The Howard Hughes Corporation and spun off Rouse Properties as a separate company owned by Brookfield Asset Management which financed the bankruptcy reorganization.
References:
- Wikipedia - DDR (Drawn 12/11/2017)