Brookfield Properties closes Newland acquisition

By Mary Salmonsen | Builder

Developer Brookfield Properties has closed on its previously announced acquisition of Newland, one of the country’s largest master-planned community developers. The transaction includes Newland’s 5% general partner’s equity interest in 15 of its 20 active master-planned communities and widens the combined companies’ geographic footprint, adding new markets and strengthening shared operations.

BUILDER spoke with two of Brookfield’s leaders, Adrian Foley and Ted Nelson, for insight into the now combined companies’ integration plans and strategies for future growth. Foley is president of Brookfield Properties’ development group as well as a managing partner of Brookfield’s real estate group. He currently oversees the company’s land and housing and mixed-use development business lines, and has previously held a role as president and COO of Brookfield Residential, Brookfield Properties’ land development and home building company.

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