In addition to increasing its stake in its properties here, Brookfiled also increased its stake in its New York properties including the World Financial Center and One Liberty Plaza. In a released statement Steve Douglas, CFO of Brookfield says, "This transaction facilitates the continued consolidation of the ownership of our office assets. In addition it will contribute in a meaningful way to enhancing the net asset value of our portfolio and achieving our goal of 15% growth in cashflow, before lease termination fees and other gains."
Brookfield originally acquired the properties from the reorganization of Olympia & York Developments' US operations. About three years ago Brookfield bought an additional 19% stake in the properties. This past April, Brookfield sold 49% of its interest in its Boston and New York properties to Deutsche Bank.
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