Brookfield Completes $886 Million Acquisition of Verde Realty
21 Dezember 2012 - 7:35PM
Marketwired
Brookfield (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) announced today
that it has closed the acquisition of a majority ownership position
in Verde Realty ("Verde"), positioning the company for strong
growth as an owner, operator and developer of industrial
distribution facilities in the United States and Mexico.
Through this transaction, an investment vehicle managed by
Brookfield will control approximately 81% of the common equity in
Verde, with the remaining equity retained primarily by some
existing Verde shareholders.
Verde owns 111 industrial distribution facilities comprised of
18 million square feet of space in major U.S. distribution markets
and gateway trade markets along the U.S. and Mexican border, as
well as over 20,000 acres of land intended for future sale and
development. Under new ownership, the company plans to expand its
holdings and seek consolidation opportunities in the fragmented
industrial real estate sector.
"We look forward to building on our reputation for delivering
well located, high quality distribution facilities for our clients
and executing our growth strategy that includes acquisitions and
property development," commented Ronald Blankenship, Chief
Executive Officer of Verde.
"Verde is a scalable, cornerstone investment in the industrial
property sector that positions Brookfield to expand its real estate
platform into the logistics arena to capitalize on the evolving
global supply chain," said David Arthur, Managing Partner at
Brookfield Asset Management.
About Verde
Verde, a Maryland real estate investment trust, is a fully
integrated, self-administered and self-managed REIT that
specializes in the ownership, acquisition and management of
industrial distribution facilities. Verde's existing operating
portfolio is composed primarily of industrial distribution
facilities in the southwestern United States, California, suburban
Chicago, Maryland, Utah and northern Mexico.
Brookfield Asset Management Inc. is a global alternative asset
manager with more than $150 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and
private equity. Brookfield has a range of public and private
investment products and services, which leverage our expertise and
experience and provide us with a competitive advantage in the
markets where we operate. Brookfield is co-listed on the New York
and Toronto Stock Exchanges under the symbol BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA. For more
information, please visit our website at www.brookfield.com.
Cautionary Statement Regarding Forward-Looking Statements and
Information
This press 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 harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield and Verde, as well
as the outlook for North American and international economies for
the current fiscal year and subsequent periods, and include words
such as "plans", "seeks" or negative versions thereof and other
similar expressions, or future or conditional verbs such as "may,"
"will," "should," "would" and "could".
Although we believe that our 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
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements of Brookfield
and Verde 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, but are not limited to: the impact or unanticipated impact
of general economic, political and market factors in the countries
in which we do business; the behavior of financial markets,
including fluctuations in interest and foreign exchanges rate;
global equity and capital markets and the availability of equity
and debt financing and refinancing within these markets; the risk
that Verde will not be integrated successfully with and into
Brookfield's organization; the risk that cost savings and any other
synergies from the transaction may not be fully realized or may
take longer to realize than expected; disruption from the
transaction making it more difficult to maintain relationships with
customers or employees; business competition; operational and
reputational risks; technological change; changes in government
regulation and legislation within the countries in which we
operate, catastrophic events, 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 Brookfield's documents filed with the
securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Except as required by law, Brookfield and Verde
undertake no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
Contacts: Brookfield Asset Management Investors: Katherine Vyse
SVP, Investor Relations (416) 369-8246 (416) 363-2856
(FAX)katherine.vyse@brookfield.com Brookfield Asset Management
Media: Andrew Willis SVP, Communications and Media (416) 369-8236
(416) 363-2856 (FAX)andrew.willis@brookfield.com www.brookfield.com
Contacts: Verde Realty Investors: Roxanne Cox (713) 338-3000 (915)
990-2700 (FAX)roxanne.cox@verderealty.com
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