Brookfield Asset Management and Hillwood Launch Venture to Acquire, Develop and Manage U.S. Industrial Properties
14 März 2012 - 2:00PM
Marketwired
Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA)
and Hillwood, a Dallas/Fort Worth-based real estate investor and
developer owned by Ross Perot, Jr., announced today a joint venture
to acquire, develop and manage industrial property, principally
large warehouses, across the United States. With an equity
commitment of $400 million, the partnership is expected to deploy
up to $1 billion within the first three years. Hillwood will locate
industrial property investments with potential for value
creation.
The partnership represents one of the more significant
commitments to U.S. industrial real estate since the economic
downturn that began in 2008. With a wealth of combined experience
in investments, acquisitions, development, finance, accounting,
legal, leasing and property and asset management, the partnership
has the resources and expertise to establish a significant presence
in the industrial warehouse market.
"The partnership between Brookfield and Hillwood is not only the
right fit, it's happening at the right time," said Ross Perot, Jr.,
Chairman, Hillwood. "Industrial development slowed during the
downturn due to a lack of equity and debt. Given the liquidity and
resources supporting our investment, our joint venture is
well-positioned to benefit from renewed demand for industrial space
which will increase as the economy continues to show signs of
improvement."
"As long-term, value-oriented real estate investors, we believe
this is an excellent time to selectively build a portfolio of
high-quality industrial properties, and we look forward to
expanding our relationship with Hillwood," said David Arthur,
Managing Partner at Brookfield Asset Management. "This initiative
expands the scope of our real estate platform in an exciting asset
class, strengthening our global property operations in line with
the expected launch later this year of our flagship property
vehicle, Brookfield Property Partners."
About Brookfield Asset Management
Brookfield Asset Management is a global alternative asset
manager focused on property, renewable power, infrastructure and
private equity, with approximately US$150 billion of assets under
management, which includes over US$83 billion of property assets
under management in North and South America, Europe and Australia.
In addition, the company provides clients with an extensive array
of real estate advisory, property and investment services.
Brookfield is publicly listed on the NYSE, TSX and Euronext
Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For
additional information on the company, please visit
www.brookfield.com.
About Hillwood
Hillwood, a Perot company, is ranked as one of the top
commercial real estate investors and developers in the country and
the top residential developer in Dallas-Fort Worth. The company's
developments currently house facilities for 58 companies listed on
the Fortune 500, Global 500 or Forbes List of Top Private firms.
Hillwood is best known for its Alliance brand that includes the
17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil
Commerce Center, and 2,000-acre AllianceCalifornia. For additional
information about the company, please visit www.hillwood.com.
Note: This news release contains forward-looking information
within the meaning of Canadian provincial securities laws and
applicable regulations and "forward-looking statements" within the
meaning of the "safe harbour" provisions of the United States
Private Securities Litigation Reform Act of 1995. The words
"expected", "continue", "believe" and "will" and other expressions
are predictions of or indicate future events, trends or prospects
or identify forward-looking statements. Forward-looking statements
in this news release include statements with respect to
acquisition, development and management of industrial properties by
the joint venture, the joint venture's presence in the industrial
warehouse market, the demand for industrial space and the outlook
for investment in industrial and logistics-driven real estate.
Although we believe that the joint venture's 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
as such statements and information involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from anticipated
future results, performance or achievements 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 the following: economic and financial conditions in the
United States; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; strategic actions including the ability to
acquire or develop high quality assets; the ability to complete and
effectively integrate acquisitions into existing operations and the
ability to attain expected benefits; acts of God, such as
earthquakes and hurricanes; the possible impact of international
conflicts and other developments including terrorist acts; and
other risks and factors detailed from time to time in the form 40-F
of Brookfield Asset Management Inc. ("Brookfield") filed with the
Securities and Exchange Commission as well as other documents filed
by Brookfield with the securities regulators in Canada and the
United States, including Brookfield'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 are not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Brookfield, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. Except as required by
law, we undertake 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.
Contacts: Brookfield Asset Management Katherine Vyse SVP,
Investor Relations (416) 369-8246katherine.vyse@brookfield.com
Contacts: Hillwood Karen Modlin Public Strategies, Inc. (214)
773-2152 (mobile)kmodlin@pstrategies.com
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