Update on Brookfield Office Properties’ Residential Division Divestiture
March 25 2011 - 4:56PM
Business Wire
Brookfield Properties Corporation (“Brookfield Office
Properties” BPO: NYSE, TSX) announced that the proposed merger of
its residential division with Brookfield Homes Corporation
(“Brookfield Homes” BHS: NYSE) into the new entity Brookfield
Residential Properties Inc. has advanced with the approval of the
transaction by Brookfield Homes’ shareholders in a vote held today.
It is expected that the merger will close on or about March 31,
2011 and Brookfield Residential Properties will commence trading on
the NYSE and TSX on or about April 1, 2011.
Subsequent to closing of the transaction, Brookfield Office
Properties will distribute rights to its common shareholders,
entitling them to acquire, at $10 per share, the Brookfield
Residential Properties common shares that Brookfield Office
Properties will receive in exchange for the contribution of its
residential division. The definitive terms of the rights offering
will be outlined in a prospectus that will be mailed to all
Brookfield Office Properties shareholders following regulatory
review. The rights will be exercisable for a 30-day period and it
is expected that the rights will be listed on the NYSE and TSX.
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier
office properties in the United States, Canada and Australia. Its
portfolio is comprised of interests in 108 properties totaling 78
million square feet in the downtown cores of New York, Washington,
D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, Sydney,
Melbourne and Perth, making it the global leader in the ownership
and management of office assets. Landmark properties include the
World Financial Center in Manhattan, Brookfield Place in Toronto,
Bank of America Plaza in Los Angeles, Bankers Hall in Calgary,
Darling Park in Sydney and City Square in Perth. The company’s
common shares trade on the NYSE and TSX under the symbol BPO. For
more information, visit www.brookfieldofficeproperties.com.
Forward-Looking Statements
This press release contains forward-looking
statements and information within the meaning of applicable
securities legislation. Although Brookfield Office Properties
believes that the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements
and information are based upon reasonable assumptions and
expectations, the reader should not place undue reliance on
forward-looking statements and information because they involve
assumptions, known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to differ materially from anticipated
future results, performance or achievement expressed or implied by
such forward-looking statements and information. Accordingly, the
company cannot give any assurance that its expectations will in
fact occur and cautions that actual results may differ materially
from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those set forth in
the forward-looking statements and information include, but are not
limited to, general economic conditions; local real estate
conditions, including the development of properties in close
proximity to the company’s properties; timely leasing of
newly-developed properties and re-leasing of occupied square
footage upon expiration; dependence on tenants' financial
condition; the uncertainties of real estate development and
acquisition activity; the ability to effectively integrate
acquisitions; interest rates; availability of equity and debt
financing; the impact of newly-adopted accounting principles on the
company's accounting policies and on period-to-period comparisons
of financial results; and other risks and factors described from
time to time in the documents filed by the company with the
securities regulators in Canada and the United States, including in
the Annual Information Form under the heading “Business of
Brookfield Properties – Company and Real Estate Industry Risks,”
and in the company’s most recent interim report under the heading
“Management’s Discussion and Analysis.” The company undertakes no
obligation to publicly update or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, except as required by law.
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