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Brookfield Properties Sells Stake in Brand-New Norwalk Mall

November 6, 2019 | Reprints | Unlock Link | Print

Norwalk’s upscale SoNo Collection mall may have only just opened, but developer Brookfield Properties has already sold it.

The $525 million mall contains around 100 shops, plus two anchor department stores.

The real estate investment firm netted $83 million for its 81 percent stake in the project, it said in its third-quarter earnings report.

“In the third quarter we continued to execute our strategy of divesting interests in mature, stable assets at premiums to our carrying values and reinvesting proceeds into development and other higher returning opportunities, including unit buybacks,” Brookfield CEO Brian Kingston said in a statement.

In July, the company moved ownership of its stake in the mall to an Opportunity Zone investment fund.