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Non-Tech : Brookfield Asset Management

BAM 53.37

-0.2%

Dec 26 9:30 AM EST

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From: JakeStraw	12/11/2007 8:29:12 AM
	of 75

Brascan Brazil Real Estate Partners to Acquire High Quality Portfolio of Shopping Centers biz.yahoo.com Monday December 10, 5:06 pm ET Transaction With Malzoni Investment Group Includes Five Premier Shopping Centers RIO DE JANEIRO, BRAZIL--(MARKET WIRE)--Dec 10, 2007 -- Brascan Brazil Real Estate Partners ("BBREP"), a retail property fund managed by Brookfield Asset Management (Toronto:BAM.TO)(NYSE:BAM), today announced that it has entered into an agreement with the Malzoni Investment Group (the "Malzoni Group") to acquire a high quality portfolio of shopping centers in Brazil for a consideration of approximately R$1.7 billion Brazilian Reais (approximately US$965 million). The portfolio includes investments in a total of five properties, four in the Sao Paulo area and one in Rio de Janeiro. All are among the shopping centers with the highest sales per square foot in Brazil and are at levels comparable to the best retail properties in North America. One of the Sao Paulo properties, currently under construction, is expected to be inaugurated in 2009. Three of the shopping centers have expansion plans in place that will increase the portfolio from 98,000 square meters to 160,000 square meters (1.8 million square feet) upon completion in 2009.

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