Brookfield wins Stockland deal
BROOKFIELD MULTIPLEX is preparing for a busy year after it was appointed by Stockland as the preferred contractor for the $125 million redevelopment of the Stockland Wetherill Park shopping centre in south-west Sydney.
Brookfield Multiplex will build an extension to add a further 15,944 square metres of gross lettable area to the existing complex, bringing the total to more than 62,400 sq m of premium retail space with an additional 704 car parking spaces.
David Ghannoum, the NSW regional managing director at Brookfield Multiplex, said the redevelopment at Wetherill Park was an opportunity to extend the collaborative relationship with Stockland.
"We have forged a strong relationship in recent years having been involved in the redevelopment of Stockland Merrylands, completed in October last year, as well as Stockland Shellharbour which we're set to handover mid this year," he said.
The deal comes as Brookfield's US associate, Brookfield Office Properties, reported a solid result for its commercial property division for the year, thanks to acquisitions and asset restructuring.
For the year to December 31, the division's net operating income increased to $US1.35 billion ($1.3 billion) from $US1.01 billion in 2011.
During the year, the group, along with Brookfield Strategic Real Estate Partners, bought the outstanding equity of Thakral Holdings Group, which has given it exposure to Sydney's office and hotel market.