Brookfield Acquires Quality Portfolio of Apartment Communities
11 Februar 2013 - 1:30PM
Marketwired
Brookfield Asset Management Inc.
(TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) today announced the
acquisition of portfolio of 19 apartment communities with 4,892
units located in North Carolina, South Carolina and Virginia for a
total of $414 million from Babcock & Brown Residential.
This high quality portfolio is concentrated in the Charlotte and
Raleigh-Durham sub-markets where strong economic and population
growth is expected to yield superior occupancy rates and rental
increases. The average occupancy of the portfolio is 92%. The
portfolio is currently financed with individual non-recourse first
mortgage loans which have been assumed as part of the
transaction.
Fairfield Residential, an affiliate of Brookfield, has an
existing geographic footprint in these same markets and will manage
the assets in the portfolio. Brookfield intends to invest an
additional $30 million to maximize value in the portfolio by
selectively upgrading and repositioning assets to increase rents
and return on investment. This transaction will bring Brookfield's
growing multifamily portfolio to approximately 20,000 units
throughout the United States.
"The acquisition of this attractive portfolio adds to
Brookfield's significant multi-family platform and positions us for
continued growth in this property sector," said David Arthur,
managing partner at Brookfield Asset Management.
Babcock & Brown was advised by Robert W. Baird & Co.
Brookfield Asset Management Inc. is a global alternative asset
manager with approximately $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.
Fairfield Residential is among the most experienced multifamily
real estate operating companies in the United States and provides
acquisitions, entitlement, development, construction,
redevelopment, property and asset management, and disposition
services to its joint venture partners and affiliates, and to third
parties. Fairfield is active in 40 geographically diverse markets
and currently manages approximately 50,000 apartment homes across
the U.S. Fairfield has developed and acquired $20 billion of real
estate assets and has sold more than $13.0 billion in multifamily
investments.
For more information, please visit our web site at
www.brookfield.com.
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 "expects", "intends" 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 Inc. Andrew Willis SVP,
Communications & Media (416) 369-8236 (416) 363-2856
(FAX)andrew.willis@brookfield.com Brookfield Asset Management Inc.
Katherine Vyse SVP, Investor Relations (416) 369-8246 (416)
363-2856 (FAX)katherine.vyse@brookfield.com www.brookfield.com
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