May 19, 2020

Brookfield set to purchase Forest City Realty Trust in $11.4bn deal

Forest City
sarahako ako
1 min
Brookfield set to purchase Forest City Realty Trust in $11.4bn deal

The Toronto-based asset management company, Brookfield Asset Management, has agreed to purchase Forest City Realty Trust, The Financial Post reports.

According to the statement released on Tuesday (31 July), the deal is set to be worth $11.4bn.

Chief executive officer of Brookfield Property Group, Brian Kingston, said: “Forest City has created a high-quality portfolio of operating and development assets over its 100-year history.”

“We look forward to creating further value in these great assets on behalf of our limited partners.”

The announcement comes four months after the real estate trust had stated it was set to remain a separate entity.

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Shareholders had previously decided Forest City would be better off as a singular company.

After Bloomberg announced that a deal was close, shares in Forest City soared 8.7%.

An analyst at Evercore ISI, Sheila McGrath, who reports on the two companies, said: “I think it’s a positive for Brookfield as they’re buying Forest City at an attractive price.”

Brookfield’s acquisition of Forest City is the second considerable deal the company has made this year.

It follows the firm agreeing a $15bn deal with U.S. mall owner GGP in March.

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Jul 5, 2021

CGI: Driving local solutions with global expertise

City of Mesa
3 min
Embrace digital transformation and infuse it with a spirit of agility, says Aleta Jeffres, CGI Vice President Consulting Services

Embrace digital transformation and infuse it with a spirit of agility, is the message to the public sector from Aleta Jeffress, CGI Senior Vice President Consulting Services.

“We partner with clients to drive value and innovation,” said Jeffress who has been working with the US City of Mesa, AZ on their digital journey for their local citizens.

Founded in 1976, CGI is one of the largest IT and business consulting services firms in the world. It is insights-driven and outcomes-based to help accelerate return on investments. CGI operates across 21 industries in 400 locations and provides scalable and sustainable services that are informed globally and delivered locally.

“We have expertise in developing and executing strategies to help companies transform their IT to align with the business through cloud strategies, application rationalization, modernization and outsourcing,” said Jeffress speaking from the Denver CGI offices.

“Digital change can be exhausting, but take the opportunity to embrace it and look for new opportunities,” said Jeffress who pointed out projects should have a sense of agility and specific focus on the end-user.

“This can be a big culture change for some clients but by making sure your implementations are not a big bang theory but you can take smaller chunks which you’re able to do over and over again as it's just going to continue to evolve,” she said.

Informed globally and delivered locally

Commenting on CGI’s partnership with the City of Mesa, Jeffress said: “We are providing a solution that has a lower cost of ownership and helps them streamline business processes and helps increase efficiency. 

“The City sought a single source of truth for their ERP business processes. With CGI Advantage, they found a partner in their digital transformation journey with a configurable, unified solution that supports their HR, financial management, and performance budgeting business processes.  

“With CGI Advantage, the City is working with a single source of truth that lowers total cost of ownership, streamlines business processes, and increases efficiency - additional benefits include: 

• A decrease in customizations and staffing requirements resulting in faster upgrade cycles. 

• Empowering HR resources to focus on strategic efforts by removing the need for manual and duplicate data entry. 

• Increased accuracy with reporting. 

• Process improvements shifting from customized or paper-based processes to automated processes. 

• Increased pay transparency and accuracy by leveraging process improvements and configurable support 

A trusted partner 

CGI is a company that focuses very intently and very intentionally on delivery - that is something that really sets us apart,” said Jeffress. 

“We have an internal process where we meet with clients twice a year to ask a specific set of questions. How our clients answer those questions allows us to be sure we are aligned and can be a trusted partner with all of our clients.”

“As an international company, we can provide key resources when our clients need it in a very timely manner,” she said.

Reflecting on the challenges posed by COVID-19 Jeffress said there had been a true evolution in technology services.

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