Brookfield: General Growth to exit bankruptcy in fall

Brookfield Asset Management Inc. said Aug. 6 in a statement that it expects General Growth Properties Inc. to emerge from bankruptcy "in the fall of this year," and also said its investor group will own about 30 percent of the retail-space owner at that time.

Separately, Brookfield said in the statement that over the past two years, through foreclosure or distressed purchase, it has acquired more than 6,000 multifamily apartment units in the U.S. Through a bankruptcy process, it also bought a 65 percent interest in Fairfield Residential, a large multifamily operating business Fairfield Residential.

Fairfield acquires, develops and manages multifamily apartments in the U.S., Brookfield said in the statement. Fairfield currently manages about 55,000 apartment units. Brookfield intends "to utilize this platform to expand these operations" with its clients.

The General Growth case is In re General Growth Properties Inc., 09-11977, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The Fairfield case is In re Fairfield Residential LLC, 09-14378, U.S. Bankruptcy Court, District of Delaware (Wilmington).