TORONTO, ONTARIO–(Marketwired – Dec. 2, 2016) – Brookfield Investments Corporation (TSX VENTURE:BRN.PR.A) (“Brookfield Investments”), a wholly owned subsidiary of Brookfield Asset Management Inc. (“BAM”), today announced that it acquired additional common shares of Brookfield Residential Properties Inc. (“Brookfield Residential”) valued at US$300 million. Brookfield Residential is also a wholly owned subsidiary of BAM. To fund the purchase, Brookfield Investments issued US$300 million of Class 1 Junior Preferred Shares, Series A (“Junior Preferred Shares”) to BAM.
The Junior Preferred Shares rank junior to the Class 1 Senior Preferred Shares Series A of Brookfield Investments (“Senior Preferred Shares”) that are listed on TSX Venture Exchange. BAM has fully and unconditionally guaranteed the payment obligations of Brookfield Investments in respect of the outstanding Senior Preferred Shares, other than those held by BAM or its affiliates.
This press release is being issued pursuant to the policies of the TSX Venture Exchange.
Brookfield Investments Corporation holds investments in the property and forest products sectors. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc. Brookfield Asset Management Inc. is a leading global alternative asset manager with approximately US$250 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rami El Jurdi
Vice-President and Chief Financial Officer
416-369-2703