Brookfield Properties Says Two Office Acquisitions Pending
Dow Jones News Service ~ July 17, 1997 ~ 6:43 pm EST
By Larry M. Greenberg
TORONTO (Dow Jones)--Brookfield Properties Corp. (T.BPC) expects to
complete two commercial real estate acquisitions in the near future that will increase
its exposure to Class A office space in its major North American markets.
As reported, Brookfield announced an equity issue to raise C$400 million. Half of
this would be used to repay debt owed to its 53% parent, Edper Group Ltd.
(TEG.A). The rest of the proceeds will be available to acquire new office
properties, Bruce Flatt, Broofield's president and chief operating officer, told Dow
Jones.
Flatt said one of the acquisitions the company expects to complete "will require a
substantial amount of equity," and the second one will be smaller. He declined to
provide additional details.
Flatt said Brookfield is seeking to acquire additional office properties in the 1 million
square foot range. Currently, the company's portfolio comprises office properties
with an average of 1.3 million square feet each.
"We own large downtown office assets in six major cities. We are looking to add
complementary assets," Flatt said.
Besides the two pending acquisitions, Flatt said Brookfield is also negotiating other
real estate purchases that could result in more transactions later this year.
Brookfield, which last year acquired a majority stake in New York's World
Financial Properties, owner of the World Financial Center in lower Manhattan, also
has office towers in Calgary, Toronto, Boston, Minneapolis and Denver.
Flatt said the company is seeking additional office properties in midtown Manhattan,
to balance its currently-strong downtown exposure. The island's midtown market
has been stronger than its downtown.
(END) DOW JONES NEWS 07-17-97
06:43 PM |
