Brookfield Property Sells Forever 21 for $63 Million Profit (1)

Brookfield Property Partners LP sold its stake in fast-fashion retailer Forever 21 ahead of a proposed buyout that would see the mall owner taken private by its parent company.

The New York-based company sold the Forever 21 stake in the first three months of the year for a profit of $63 million, it said in a statement discussing quarterly results, without disclosing a buyer. Brookfield converted the position into equity in Authentic Brands Group LLC, according to people with knowledge of the matter. Authentic, Brookfield and Simon Property Group Inc. teamed up to purchase the retailer out of bankruptcy ...