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Wednesday, December 10, 2014

Revel deal with Brookfield off; new buyer in sight, (NYSE: BPY)

The new proposed buyer for the shuttered Revel Casino Hotel said Wednesday that he will not give up his legal challenge to the auction of the Atlantic City, New Jersey, complex even though the winning bidder walked away from the deal.Revel filed papers overnight seeking approval to terminate its deal with Brookfield Property Partners LP and schedule a hearing to approve the sale to backup bidder Polo North Country Club Inc, an investment vehicle of Glenn Straub.Brookfield won the auction for Revel with a $110 million bid in October, outbidding Straub. Straub, a Florida developer, had at the time told Reuters he was prepared to bid up to at least $134 million.Straub has been pursuing an appeal of the order by U.S. Bankruptcy Judge Gloria Burns in Camden, New Jersey, approving the sale to Brookfield.

Brookfield Property Partners L.P. is a commercial real estate owner, operator and investor operating globally. Shares of BPY fell by 2.26% or $-0.52/share to $22.53. In the past year, the shares have traded as low as $18.19 and as high as $23.94. On average, 264027 shares of BPY exchange hands on a given day and today's volume is recorded at 281106.