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Brookfield Increases Stake in Local Properties

BOSTON-Brookfield Properties Corp. acquires an additional 5.4% of its assets here--at 53 and 75 State St.--as well as its assets in New York, by increasing its ownership of Brookfield Financial Properties.

By Naomi Grossman | Updated on May 11, 2001

BOSTON-Brookfield Properties Corporation acquired a further 5.4% of its assets here by increasing its ownership of Brookfield Financial Properties, the legal entity that owns an interest in 53 and 75 State St. here. The transaction brings Brookfield’s interest in Brookfield Financial Properties to 95%.

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.”

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