Brookfield Real Estate Opportunity Fund Announces Acquisition of 16-Property, 2.9-Million Sq. Ft. Portfolio from JPMorgan Chase
11 Februar 2010 - 11:26PM
Marketwired
Brookfield Real Estate Opportunity Fund ("BREOF"), a group of funds
sponsored by Brookfield Asset Management (TSX: BAM.A)(NYSE:
BAM)(EURONEXT: BAMA), is pleased to announce to the acquisition of
a 16-property, 2.9-million square foot portfolio from JPMorgan
Chase. As part of the transaction, JPMorgan Chase is leasing back
approximately 60% of the space in the portfolio on a long-term
basis. The Bank was represented in the transaction by Houlihan
Lokey and by J.P. Morgan Real Estate Advisors, Inc.
Including this transaction, BREOF has acquired over 100
properties, containing approximately 12 million square feet of
space from JP Morgan Chase over the last 4 years. "We are excited
about the opportunity to add significant value to the portfolio and
are proud of our strong relationship with the Bank," said David
Arthur, the Fund's President and Managing Partner.
The Portfolio includes four properties, located in Dallas, Tampa
and Columbus that are 100% net-leased to JPMorgan Chase. The other
properties are located throughout the country and include two
meaningful value-add opportunities: an 800,000-square foot office
tower in Houston, Texas and a 650,000-square foot office
campus/data center site in Whippany, New Jersey.
The Brookfield Real Estate Opportunity Fund invests and manages
two funds with $1.8 billion of assets composed of approximately 16
million square feet of commercial office, industrial and
multi-family residential properties.
Brookfield Asset Management Inc. has over $90 billion of assets
under management in the property, renewable power and
infrastructure sectors. For more information, please visit the
company's web site at www.brookfield.com.
For more information, please visit our web site at
www.brookfield.com.
Forward-looking Statements
Note: This press release contains forward-looking information,
including "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The words
"believe" and other expressions which are predictions of or
indicate future events, trends or prospects and which do not relate
to historical matters identify forward-looking statements. Although
the Fund believes that the anticipated future results, performance
or achievements of the Fund 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 known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Fund to differ materially from anticipated
future results, performance or achievement expressed or implied by
such forward-looking statements and information. Factors that could
cause actual results to differ materially from those contemplated
or implied by forward-looking statements include: general economic
conditions; interest rate changes; availability of financing; and
other risks and factors described from time to time in the
documents filed by Brookfield Asset Management with the securities
regulators in Canada and the United States including in the Annual
Information Form under the heading "Business Environment and
Risks." Neither the Fund nor Brookfield undertake any obligation to
publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise.
Contacts: Brookfield Real Estate Opportunity Fund Steven H.
Ganeless Senior Vice President (212) 417-7269
sganeless@brookfield.com
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