Brookfield Office Properties Sells Its Share in Altius Centre, Calgary
09 March 2012 - 10:00AM
Marketwired
Brookfield Office Properties Inc. (NYSE: BPO) (TSX: BPO) today
announced that it, together with its Canadian Office Fund partners,
sold the Altius Centre office building in downtown Calgary for
C$179.8M. Brookfield had owned a 25% interest in the building.
The property was acquired jointly by Canadian Real Estate
Investment Trust (CREIT) and KingSett Capital, which each purchased
a 50% interest in the building.
Altius Centre was the last remaining Canadian office investment
held outside of BPO's Canadian subsidiary. With this sale, the
subsidiary -- Brookfield Canada Office Properties (TSX: BOX.UN)
(NYSE: BOXC) -- becomes the sole vehicle for Brookfield's Canadian
office investments moving forward.
Brookfield Canada Office Properties maintains a significant
presence in downtown Calgary with eight premier office buildings
totaling 6.5 million square feet.
About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier
office properties in the United States, Canada and Australia. Its
portfolio is comprised of interests in 110 properties totaling 78
million square feet in the downtown cores of New York, Washington,
D.C., Houston, Los Angeles, Denver, Toronto, Calgary, Ottawa,
Sydney, Melbourne and Perth, making it the global leader in the
ownership and management of office assets. Landmark properties
include the World Financial Center in Manhattan, Brookfield Place
in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in
Calgary, Darling Park in Sydney and City Square in Perth. The
company's common shares trade on the NYSE and TSX under the symbol
BPO. For more information, visit
www.brookfieldofficeproperties.com.
Forward-Looking Statements This press
release contains forward-looking statements and information within
the meaning of applicable securities legislation. Although
Brookfield Office Properties believes that the 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 assumptions, 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. Accordingly, the company cannot give any assurance
that its expectations will in fact occur and cautions that actual
results may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ
materially from those set forth in the forward-looking statements
and information include, but are not limited to, general economic
conditions; local real estate conditions, including the development
of properties in close proximity to the company's properties;
timely leasing of newly-developed properties and re-leasing of
occupied square footage upon expiration; dependence on tenants'
financial condition; the uncertainties of real estate development
and acquisition activity; the ability to effectively integrate
acquisitions; interest rates; availability of equity and debt
financing; the impact of newly-adopted accounting principles on the
company's accounting policies and on period-to-period comparisons
of financial results; and other risks and factors described from
time to time in the documents filed by the company with the
securities regulators in Canada and the United States, including in
the Annual Information Form under the heading "Business of
Brookfield Properties - Company and Real Estate Industry Risks,"
and in the company's most recent interim report under the heading
"Management's Discussion and Analysis." The company undertakes no
obligation to publicly update or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, except as required by law.
Contact: Melissa Coley VP, Investor Relations and
Communications (212) 417-7215 Email Contact
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