No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.
He prefers owning the parent, BAM. BPY owns US malls and New York City offices, both high quality assets. But at this stage of the cycle, those properties will demand a lot of capex. A few years ago, BPY bought a bunch of malls from GGP and will make a lot of money of them down the line, but not immediately.
He prefers owning the parent, BAM. BPY owns US malls and New York City offices, both high quality assets. But at this stage of the cycle, those properties will demand a lot of capex. A few years ago, BPY bought a bunch of malls from GGP and will make a lot of money of them down the line, but not immediately.
No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.