Brookfield and Fairfield Residential Company LLC Announce Completion of Fairfield Residential LLC's Reorganization and Recapital
02 August 2010 - 11:00PM
Marketwired
Brookfield Asset Management Inc. ("Brookfield") (TSX: BAM.A)(NYSE:
BAM)(EURONEXT: BAMA) and Fairfield Residential Company LLC
("Fairfield") today announced the completion of Fairfield's
reorganization and emergence from Chapter 11 protection. In
addition, Brookfield, Fairfield management and long standing
partner, California State Teachers' Retirement System (CalSTRS),
have invested approximately $29 million to recapitalize the
company. In return for its investment in Fairfield's
recapitalization, Brookfield acquired a 65% equity stake in the
company and Brookfield has committed to provide up to an additional
$150 million to fund future investment opportunities.
Fairfield Residential Company LLC is a leading multifamily
service provider in the United States with decades of experience in
the industry. Following its recapitalization, Fairfield is
strategically focused on construction, property management and
asset management of multifamily residential homes with the
opportunity for growth through portfolio acquisitions, joint
ventures and development. Fairfield has 55,000 multifamily units
under management, primarily in coastal U.S. markets.
"Fairfield is a best-in-class company with a strong management
team. We are excited by the opportunity to work together, building
on our respective experience in real estate services and
residential and property management", commented David Arthur,
Managing Partner, Brookfield. Brookfield owns a portfolio of 6,200
multifamily residential units through two of its private funds. In
addition, Brookfield owns and manages real estate services
businesses that include GMAC relocations (renamed Brookfield Global
Relocations) and Real Living brokerage.
"Our recapitalization and partnership with Brookfield and
CalSTRS has put us on solid footing for building our business and
positioning us to take advantage of exciting growth opportunities",
added Christopher Hashioka, Fairfield's Chief Executive
Officer.
Brookfield Asset Management Inc., focused on property, renewable
power and infrastructure assets, has over $100 billion of assets
under management and is co-listed on the New York and Toronto Stock
Exchanges under the symbol BAM and on NYSE Euronext under the
symbol BAMA. For more information, please visit our website at
www.brookfield.com.
Fairfield Residential is a leading U.S. multifamily real estate
operating company that provides acquisitions, entitlement,
development, construction, redevelopment, property and asset
management, and disposition services to its clients. Fairfield
specializes in mixed-use, transit-oriented attached housing
communities and offers a diversified product line including new
construction of luxury apartment homes, university student housing,
tax credit affordable housing properties, and redeveloped apartment
homes in urban and suburban infill neighbourhoods.
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbour"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. The words "opportunity" and "positions us" and
derivations thereof and other expressions, including conditional
verbs such as "will," "should", "may" are predictions of or
indicate future events, trends or prospects or identify
forward-looking statements. The reader should not place undue
reliance on forward-looking statements and information as such
statements and information involve 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.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include: economic and financial conditions in the countries in
which we do business; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; general economic conditions, particularly as
they affect the housing market; strategic actions including
dispositions; the ability to complete and effectively integrate
acquisitions into existing operations and the ability to attain
expected benefits; regulatory and political factors within the
countries in which the company operates; acts of God, such as
earthquakes and hurricanes; the possible impact of international
conflicts and other developments including terrorist acts; changes
in accounting policies to be adopted under IFRS and other risks and
factors detailed from time to time in the company's form 40-F filed
with the Securities and Exchange Commission as well as other
documents filed by the company with the securities regulators in
Canada and the United States, including the company's most recent
Management's Discussion and Analysis of Financial Results under the
heading "Business Environment and Risks."
We caution that the foregoing factors that may affect future
results is not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Brookfield Asset
Management, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Except as required by law, the company undertakes no obligation to
publicly update or revise any forward-looking statements or
information, whether written or oral, as a result of new
information, future events or otherwise.
For more information, please visit our web sites at
www.brookfield.com and www.fairfieldresidential.com.
Contacts: Brookfield Asset Management Inc. Katherine Vyse SVP,
Investor Relations and Communication (416) 369-8246 (416) 363-2856
(FAX) kvyse@brookfield.com www.brookfield.com Fairfield Residential
Company LLC Deborah A. Sollohub (858) 626-8288 dsollohub@ffres.com
www.fairfieldresidential.com
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